FASB Discusses Conceptual Framework Project
June 2, 2021
At its June 2, 2021, meeting, the FASB discussed its project on the conceptual framework — elements.
Specifically, the Board made tentative decisions related to (1) the definition of a
liability; (2) distinguishing between liabilities and equity; (3) business risk,
constructive obligations, and stand-ready obligations; and (4) the definition of an
asset.