Which is not a criteria for recognition of financial information in the IFRS Framework?
A)The amount is reasonably measurable.
B)The expenses should be matched with revenues.
C)The amount must be measured at historical cost.
D)Inflow of outflow of cash flows are probable.

Question

Quizplus · Accepted Answer

The requirement that financial information be measured at historical cost is no longer a criterion for recognition under IFRS. Instead, the focus is on reliability and relevance, with a priority on faithful representation over historical cost. Choices A, B, and D are all criteria for recognition of financial information in the IFRS Framework.

Which Is Not a Criteria for Recognition of Financial Information