Explain why any change they make in the definition of assets, Accounting Basics

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Explain why any change they make in the definition of assets

Problem

The IASB and the FASB are currently undertaking a joint project to develop a revised conceptual project. Explain why any changes they make in the definition of assets and liabilities will subsequently have implications for the profits of reporting entities.

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Accounting Basics: Explain why any change they make in the definition of assets

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