Question 25 1. An item meets the definition of an element in accordance with the Conceptual Framework for Financial Reporting. Which of the following criteria must be met for an item to be recognised in the financial statements? i. It is probable that any future economic benefit associated with the item will flow to or from the entity ii. The item has a cost or value that can be measured reliably iii. The rights or obligations associated with the item are controlled by the entity A i only B) i only C i and ii i, ji and