According to the Conceptual Framework,recognition of an asset occurs if it is probable that future economic benefits will flow to the entity and:
A)it has a value that can be measured with reliability.
B)it is a non-current asset.
C)it has a value that can be measured with certainty. d,it is a current asset.

Question

Quizplus · Accepted Answer

Recognition of an asset requires that it has a measurable value that can be reliably determined. It does not need to be a non-current asset or a current asset but must have the potential for future economic benefits to the entity. The Conceptual Framework emphasizes the importance of reliable measurement to provide useful financial information to users of financial statements.

According to the Conceptual Framework,recognition of an Asset Occurs If