Under IFRS and ASPE, both assets and liabilities are mostly arises from past events.

Question

Quizplus · Accepted Answer

According to both IFRS and ASPE, assets and liabilities are recognized based on past events or transactions that have already occurred. This is known as the historical cost principle, which requires the initial recognition of assets and liabilities at their fair value when they are first acquired or incurred. Therefore, the statement "both assets and liabilities are mostly arises from past events" is true.

Under IFRS and ASPE, Both Assets and Liabilities Are Mostly