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In short an overview

Recognition is the process of incorporating in the financial statements an item that meets the definition of an asset, liability, income or expense and satisfies the following criteria:

  1. it is probable that any future economic benefit associated with the item will flow to or from the entity, and
  2. the item has a cost or value that can be measured reliably.

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The Objective of General Purpose Financial Reporting is the basis of the Conceptual Framework.

In addition the 2018 revised Conceptual Framework sets out:

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