Under IFRS, which of the following is not a criterion for recognizing items in the financial statements?
A) The measurement of the item is reliable.
B) The item is relevant.
C) The item meets the definition of an element.
D) Economic benefits from the item are probable.

Question

Quizplus · Accepted Answer

Under IFRS, the criteria for recognizing items in the financial statements include that the item meets the definition of an element, its measurement is reliable, and it is probable that economic benefits will flow to or from the entity. Relevance is a qualitative characteristic, not a recognition criterion.

Under IFRS, Which of the Following Is Not a Criterion