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Sir according to the updated conceptual framework the new recognition criteria is that the transaction should be recognized if it results in relevant and faithful representation right??
Does this apply to IAS 37 also?
I’m very confused as to which standard the new recognition criteria applies and to which one it doesn’t apply because in most of the lecture notes i only see measurement uncertainty and probable outflow of economic benefits.
Its very very confusing right now.Can you please solve my problem?
Remember that the conceptual framework is designed:
1. to help standard writers develop new standards
2. to fill in gaps where there are no standardsSo, different commentators have different views as to where conflicts lie.
All you have to remember is that standards OVERRIDE the frameworkIn the exam, in a question discussing provisions you would write out !AS 37 rules then write out recognition rules from framework, and, if you are the prizewinner, suggest whether you think there may be a conflict.
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