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Recognition of Asset

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › Recognition of Asset

  • This topic has 1 reply, 2 voices, and was last updated 5 years ago by Stephen Widberg.
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    Posts
  • June 25, 2020 at 12:38 pm #574664
    GuoKai
    Participant
    • Topics: 1
    • Replies: 1
    • ☆

    Changes in the Framework
    • deletion of ‘expected flow’—it does not need to be certain, or even likely, that
    economic benefits will arise
    • a low probability of economic benefits might affect recognition decisions and
    the measurement of the asset

    Above 2 sentences are very confusing as removal of expected flow in definition of asset means economic benefits need not to be certain but the next sentence said that low probable of economic benefits would affect recognition. Thus, should an asset be recognized with low probability?

    June 25, 2020 at 1:29 pm #574668
    Stephen Widberg
    Keymaster
    • Topics: 16
    • Replies: 3411
    • ☆☆☆☆☆

    New Framework says YES. So, even if there’s only 1% chance.

    But IFRS say NO. Only exception I can think of is when we calculate goodwill and must measure everything at fair value.

    Mercifully, IFRS overrule the Framework. But who knows what may happen if they change the standards?

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