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ITC EXAM PREP
Elements of the financial statements
Recognition
Definition Conclusion
criteria
Asset vs Expense Liability vs income
Class example Class example
‘Discuss the initial recognition of ‘Discuss the initial recognition of a
certified emission reduction rate regulation liability in terms of
certificates in terms of the conceptual the conceptual framework (ITC June
framework (QE 2012 – 20 marks)’ 2014 – 15 marks)’
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