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THE CONCEPTUAL FRAMEWORK


            Elements Of The Financial Statements




            Assets





            • Definition:



                    • a resource controlled by the entity

                    • as a result of past events and


                    • from which future economic benefits are expected to


                       flow


            • Recognition:



                    • when it is probable that economic benefits will flow to

                       the entity and


                    • the cost/value can be measured reliably





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