The recognition rules for assets contained in the Framework are extensions of the subsidiary objectives (qualitative characteristics)of relevance and reliability of accounting information.

Question

Quizplus · Accepted Answer

The recognition criteria for assets in the Framework are indeed based on the qualitative characteristics of relevance and reliability, as they require assets to meet specific conditions such as being measurable, being controlled by the entity, and having future economic benefits. Therefore, statement A is correct.

The Recognition Rules for Assets Contained in the Framework Are