IASB releases proposal for liability standard

The International accounting rule maker has released its plan to deal with
the measurement of non-standard liabilities.

The International Accounting Standards Board yesterday released its
replacement for IAS 37; the standard that applies to liabilities not covered by
other accounting rules.

The rule will govern assets at the centre of legal disputes and liabilities
to decommission assets.

The board hopes to complete the standard this year, and is encouraging
interested parties to make comments.

Read the full IASB statement:
re-exposes proposals on measuring liabilities for asset decommissioning, legal
disputes and similar items

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Fiona Westwood of Smith and Williamson.