Page 93 - F1 Integrated Workbook STUDENT 2018
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The Conceptual Framework
Recognition & measurement of
elements in Financial Statements
5.1 Recognition of the elements of financial statements
In order to recognise items in the statement of financial position or
income statement, the following criteria should be satisfied.
It meets the definition of an element of financial statements.
It is probable that any future economic benefit associated with the item will flow
to or from the enterprise.
The item has a cost or value that can be measured with reliability.
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