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The converse of this is that the seller has recognised that ownership of goods has passed from himself to the buyer. co m (i) (ii) (iii) (iv)  The buyer has indicated his willingness to hand over cash or other assets in settlement of his liability.  The monetary value of the goods or services has been established. com At earlier points in the business cycle there will not, in general, be firm evidence that the above criteria will be met. Until work on a product is complete, there is a risk that some flaw in the manufacturing process will necessitate its writing off; even when the product is complete there is no guarantee that it will find a buyer.

Tud Another problem with the lack of a conceptual framework has become apparent in the USA. The large number of highly detailed standards produced by the Financial Accounting Standards Board (FASB) has created a financial reporting environment governed by specific rules rather than general principles. This would be avoided if a cohesive set of principles were in place. as A conceptual framework can also bolster standard setters against political pressure from various 'lobby groups' and interested parties.

1 Equity versus liabilities fre The distinction between equity and liabilities is clarified through focus on the definition of a liability. The paper identifies two types of approach: narrow equity and strict obligation. (a) Narrow equity approach. Equity is treated as being only the residual class issued, with changes in the measurement of other equity claims recognised in profit or loss. (b) Strict obligation approach. All equity claims are classified as equity with obligations to deliver cash or assets being classified as liabilities.

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