M02 - Conceptual Framework Flashcards by Candice Abell | Brainscape

Q

What is an asset under IFRS?

A

Present economic resources controlled by the entity as a result of past events
- Right
- Potential to produce economic benefits
- Control

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Q

What is the criteria of a liability?

A

Entity has an obligation
Obligation is to transfer an economic resource
Obligation is a present obligation that exists as a result of past events

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