Explain why it is necessary to define 'asset' or 'expense' from first principles, but not both. Why

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Explain why it is necessary to define 'asset' or 'expense' from first principles, but not both. Why has the IASB chosen to define the former?

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Comparative international accounting

ISBN: 978-0273703570

9th Edition

Authors: Christopher nobes, Robert parker

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Question Posted: Aug 31, 2012 01:14 AM

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Explain why it is necessary to define 'asset' or 'expense' from first principles, but not both. Why

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Costs are treated as either expenses or assets Therefore to ensu...View the full answer

Comparative international accounting

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