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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 reliabilityIsnt this from the original framework and not the revised?
Shouldn’t the correct answer concern reliability and faithful representation?
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