To fulfil the IASB (AASB) Framework criteria that an asset must have 'future economic benefits' which of the following criteria must be met?
i.It must be scarce
ii.It must have utility
iii.It must be capable of generating cash inflows to the entity
A) i,ii,
B) i,iii
C) i,ii,ii
D) iii
Correct Answer:
Verified
Q8: IAS 39 created a separate category of
Q9: Arguments in favour of including 'exchangeability' as
Q10: The extent and timing of recognition of
Q11: Which of these is not an argument
Q12: IAS 16 and IAS 40 permit,but do
Q14: Exchangeability is a characteristic that supports the
Q15: The recognition rules for assets contained in
Q16: The use of a current value model
Q17: Which of these items would meet the
Q18: An asset must have future cash generating
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents