The IASB Issued a New Conceptual Framework for Financial Reporting

Multiple Choice

The IASB issued a new Conceptual Framework for Financial Reporting that, among other things, provides,

A) no changes in the definitions of assets and liabilities.
B) no changes in the definitions of assets and liabilities but more detailed guidance for interpreting definitions.
C) clearer definitions of assets and liabilities including more detailed guidance for interpreting definitions.
D) clearer definitions of assets and liabilities and consequently less detailed guidance for interpreting definitions.