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In many IAS and IFRS, It asks for one recognition criteria which is “Can be reliably measured or cost can be reliably measured”.
What this exactly mean by reliable measurement?
Think of the IFRS 13 accounting standard and fair vale measurement. This gives the different bases of measuring assets and liabilities, hence when using this standard it would be reliably measured. If we don’t use IFRS 13 then we would be looking to gain assurance that the figure we are using represents the value of the asset/liability in a well thought through, methodical fashion so at to faithfully represent the transaction.