In the 2018 Conceptual Framework, the recognition of an asset is contingent upon which of the following criteria?
(Choose all the correct options)

Question

In the 2018 Conceptual Framework, the recognition of an asset is contingent upon which of the following criteria? (Choose all the correct options)

Answer

Faithful representation - There is no measurement uncertainty

Answer

Relevance -There is high probability of an inflow or outflow of economic benefits

Answer

It is measurable with sufficient reliability.

Answer

Relevance - There is no existence uncertainty

Answer

It is probable that future economic benefits will flow to the entity.

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