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The European Financial Reporting Advisory Group (EFRAG) and the Autorite des Normes Comptables (ANC) have jointly published on their websites for information purpose a Research Paper prepared by the staff on the proposed new Definition of an Asset tentatively adopted by the IASB and FASB.

The European Financial Reporting Advisory Group (EFRAG) and the Autorite des Normes Comptables (ANC) have jointly published on their websites for information purpose a Research Paper on the proposed new Definition of an Asset tentatively adopted by the IASB and FASB.  It is important to note that the paper is a staff paper and does not necessarily represent the views of EFRAG or the ANC.

This Paper sets the results of their work in researching and analyzing the proposed definition. They consider that the communication of this Paper to the IASB staff and its publication on their respective websites can serve as an useful input to the IASB’s deliberations on this issue (which they understand forms part of the work-in-progress on the phase B of the Revision of the Conceptual Framework “Definition of Elements, Recognition and Derecognition”). It is important to highlight that the views in the paper are those of the staff and not those of either EFRAG or the ANC.

They have tested the proposed new definition of an asset against a series of 12 economic arrangements: six of these arrangements were previously tested (together with 18 others) by the IASB staff in its Agenda Paper produced for the October 2007 IASB Board meeting on an earlier version of the asset definition. Six other economic arrangements have been identified and included in the analysis they have undertaken. The purpose of their analysis was to test whether the proposed new definition of an asset as defined by the IASB/FASB staff team would work and result in an improvement over the existing IASB definition of an asset.

It is hoped that the paper will serve as a useful input to the IASB in its deliberation on the development of the Conceptual Framework (Phase B).