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CHAPTER 2
MEASURING AND REPORTING FINANCIAL POSITION
Figure 2.2
Identifying an asset for inclusion in the statement of financial position
Accounting
asset
Not an
accounting
asset
Does the resource
provide a right for the
potential to receive economic benefits?
Is this right also
available to other parties
at no great cost?
Can the business exert
control over the resource
as a result of a past transaction or event?
Can
the resource be faithfully
represented in monetary terms?
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