CFO reported that the International Accounting Standards Board agreed last week with respondents from its public consultation (a study that reached out to industry professionals at all levels in more than 80 countries in 2011) that it needs to better clarify definitions of assets and liabilities for debt instruments. That, in turn, should help eliminate some uncertainty when accounting for assets and financial liabilities or nonfinancial liabilities (which can include land and equipment leases), CFO said.

The report added that clearer definitions could make for easier accounting for U.S.-based multinationals that report under international financial reporting standards (IFRS).

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