In the revised 2018 Conceptual Framework for Financial Reporting (the Conceptual Framework), the accounting model is built on the definitions and principles for the recognition of assets and liabilities. The 2010 Conceptual Framework specified three recognition criteria which apply to all assets and liabilities: 1. The item meets the definition of an asset or a liability; 2. It is probable that any future economic benefit associated with the asset or liability will flow to or from the entity; and 3. The asset or liability has a cost or value which can be measured reliably. However, these definitions were not always consistently applied by the standard setters, the result is that many existing IFRS Standards are inconsistent with the 2010 Conceptual Framework. Discuss and contrast the criteria for the recognition of assets and liabilities as set out in the 2018 Conceptual Framework and its predecessor, the 2010 Conceptual Framework (given above).