Which of the following is/are a criteria for asset recognition under the FASB's and IASB's conceptual framework?
A)The firm owns or controls the right to use the asset.
B)The right to use the item arises as a result of a past transaction or exchange.
C)The future benefit has a relevant measurement attribute that a firm can quantify with sufficient reliability.
D)all of the above
E)none of the above

Question

Quizplus · Accepted Answer

All of the criteria listed (A, B, and C) are necessary for asset recognition under the FASB's and IASB's conceptual framework. The firm must own or control the right to use the asset, the right to use the item must arise from a past transaction, and the future benefit must have a relevant measurement attribute that can be reliably quantified by the firm.

Which of the Following Is/are a Criteria for Asset Recognition