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Hi.
I’m doing P1 and P2 this sitting and noticed there isn’t a one of these for P2 (Apologies if there is)
So I thought it would be useful to create this thread where everyone can find/add mnemonics or ways to remember the standards etc and discuss the subjects surrounding them.
So please go ahead and add anything related to P2 that hasn’t already been posted.
Thanks
I found that most of RECOGNITION criterias involved these three key items:
Control : the enterprise must have ownership or rights of control akin to ownership that result from a past event
Value: future economic benefits are expected to flow to the enterprise from its ownership or control of the asset
Measurement: the cost or fair value of the asset must be measured with reliability.
(source: technical articles P2 IAS41)
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