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Ask the Tutor ACCA SBR

SBR Int Exam Sep/Dec 19

AAlexander6y ago
Q3aii) The Q asks us to demonstrate how revenue recognition is supported by the revised Conceptual Framework for Financial Reporting (2018). The answer published by ACCA quotes; The revised Framework also states that an item which meets the definition of an element should be recognised if: (a) it is probable that any future economic benefit associated with the item will flow to or from the entity; and (b) the item has a cost or value which can be measured with reliability Isnt this from the original framework and not the revised? Shouldn't the correct answer concern reliability and faithful representation?
stephenwidbergstephenwidbergTutor6y ago#1
You are quite correct - if you watch my debrief I do use the correct words (it's in the lecture section of this website).
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