376 paragraphs found in Conceptual Framework
The second criterion for a liability is that the obligation is to transfer an economic resource. …
To satisfy this criterion, the obligation must have the potential to require the entity to transfer an economic resource to another party (or parties). For that potential to exist, it does not need to be certain, or even likely, that the entity will be …
An obligation can meet the definition of a liability even if the probability of a transfer of an economic resource is low. Nevertheless, that low probability might affect decisions about what information to provide about the liability and how to provide …
Obligations to transfer an economic resource include, for example: (a) obligations to pay cash. (b) obligations to deliver goods or provide services. (c) obligations to exchange economic resources with another party on …
Instead of fulfilling an obligation to transfer an economic resource to the party that has a right to receive that resource, entities sometimes decide to, for example: (a) settle the obligation by negotiating a release from the obligation; (b) …
In the situations described in paragraph 4.40 , an entity has the obligation to transfer an economic resource until it has settled, transferred or replaced that …
The third criterion for a liability is that the obligation is a present obligation that exists as a result of past events. …
A present obligation exists as a result of past events only if: (a) the entity has already obtained economic benefits or taken an action; and (b) as a consequence, the entity will or may have to transfer an economic resource that …
The economic benefits obtained could include, for example, goods or services. The action taken could include, for example, operating a particular business or operating in a particular market. If economic benefits are obtained, or an action is taken, over …
If new legislation is enacted, a present obligation arises only when, as a consequence of obtaining economic benefits or taking an action to which that legislation applies, an entity will or may have to transfer an economic resource that it would not …