Welcome back everybody then now we're looking at recognition and measurement
which is in the conceptual framework. Now recognition all that means is when do we
bring it in, when do we bring it in to the accounts
okay, when do we put it in to the accounts.
Okay now there's 3 criteria but before we go into the criteria, I just want
to write down the elements okay so in the accounts they are assets aren't there,
liabilities, equity, income and expenses. Okay now, when can we bring any of those
elements into the accounts? Well you can bring them in when it meets the
definition okay so have a look at the definition of an asset, the
definition of a liability, the definition of equity etc later. But before we bring
it into the account it must meet the definition of one of those elements. Also
it must be probable so if it's an asset it must probably going to bring
us in money or if it's a liability there must be a probable outflow. And
finally you should be able to put on a reliable measure of the asset liability,
income or expense okay so 3 criteria, remember them well! To bring something
into the accounts, it must meet the definition of where it's going in the
accounts, it must be probable in terms of bringing in or money going out and it
must also put a reliable measure on it.
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