One of the FASB's criteria for recognizing an item and recording it in the financial statements is that the item must be measurable with "sufficient reliability."

Question

Quizplus · Accepted Answer

This statement is true. The FASB states that in order for an item to be recognized and recorded in the financial statements, it must be measurable with sufficient reliability. This means that the item's value must be accurately quantifiable and reasonably certain.

One of the FASB's Criteria for Recognizing an Item and Recording