Which of the following is true of assets?

Question

Quizplus · Accepted Answer

According to the International Financial Reporting Standards (IFRS), assets should be recognized in the financial statements when it is probable that future economic benefits will flow to the enterprise. This means that the asset must have a future economic benefit and the probability of obtaining this benefit must be sufficiently high. Option B is incorrect as it refers to liabilities instead of assets. Option C is incorrect as it defines expenses instead of assets. And option D is incorrect as assets can be recognized even if they are not owned by the enterprise, such as leased assets.

Which of the Following Is True of Assets