This is the part we often forget about and it is understandable that it does get set aside because we want of a list of things to do. Besides we love the Law. And the law comes to us naturally and it is ingrained within our hearts.
Imputed Righteousness just means that we are treated as if we lived the life of Christ. We are treated as if we fulfilled all righteousness when it is really Jesus life and right standing or righteousness is credited to us.
So, there is absolutely nothing for us to boast or claim as credit to our account.
We often in our day think of Jesus being born in December and then going to the cross in April.
So when do we talk about His life? We talk about His teachings and His reaching out but we often miss Him doing the will of His Father in our place. Even in the Old Testament we see that ultimately it will take the righteous life of a savior to fill the requirements of the sacrifice and the requirements of the law. The satisfaction of God's Holiness and His Holy and Just law.
2 Corinthians 5:11-21
Jesus is treated as if He lived our life and is punished accordingly and we are treated as if we lived Jesus Life. God sent His Son as the perfect life and sacrifice to satisfy all that the law requires. And in Jesus the Gospel or Good News is that all that the law requires is satisfied in the Person and Works of Jesus Christ.
2 Corinthians 5
New International Version (NIV)
The Ministry of Reconciliation11 Since, then, we know what it is to fear the Lord, we try to persuade others. What we are is plain to God, and I hope it is also plain to your conscience. 12 We are not trying to commend ourselves to you again, but are giving you an opportunity to take pride in us, so that you can answer those who take pride in what is seen rather than in what is in the heart. 13 If we are “out of our mind,” as some say, it is for God; if we are in our right mind, it is for you. 14 For Christ’s love compels us, because we are convinced that one died for all, and therefore all died. 15 And he died for all, that those who live should no longer live for themselves but for him who died for them and was raised again.
16 So from now on we regard no one from a worldly point of view. Though we once regarded Christ in this way, we do so no longer. 17 Therefore, if anyone is in Christ, the new creation has come:[a] The old has gone, the new is here! 18 All this is from God, who reconciled us to himself through Christ and gave us the ministry of reconciliation: 19 that God was reconciling the world to himself in Christ, not counting people’s sins against them. And he has committed to us the message of reconciliation. 20 We are therefore Christ’s ambassadors, as though God were making his appeal through us. We implore you on Christ’s behalf: Be reconciled to God. 21 God made him who had no sin to be sin[b] for us, so that in him we might become the righteousness of God.
The Gospel or Good News is something that has already happened and that's why it is News. It happened in the past. So we cant live the Gospel or the Good News because it isn't about us it is about the Person Jesus Christ and it is about His works. The things He has done for us.
And on the Cross Jesus Himself says: "It is finished"
Greace = Grace and Peace