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According to the FASBs conceptual framework, recognition is the process of formally incorporating an element into the financial statements of an entity. Recognition criteria include
According to the FASBs conceptual framework, recognition is the process of formally incorporating an element into the financial statements of an entity. Recognition criteria include all of the following except
Comparability.
Definitions of elements of financial statements.
Measurability with sufficient reliability.
Relevance.
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