IASB and FASB October 2007

Phase A: Objective and Qualitative Characteristics of Financial Reporting

The boards tentatively decided that the forthcoming exposure draft on phase A will have a comment period of 120 days.

Phase B: Elements and Recognition—definition of an asset

The boards resumed their discussion of a working definition of an asset and tentatively decided:

An asset of an entity is a present economic resource to which, through an enforceable right or other means, the entity has access or can limit the access of others.

Amplifying text accompanying the asset definition will describe economic resource, enforceable right, and other means.