The International Accounting Standards Board (IASB) issued a revised Conceptual Framework (CF) for financial reporting which will become effective for preparers who develop accounting policies based on the CF on or after 1 January 2020. Noticeably, the new CF has updated the definitions of assets and liabilities as well as the corresponding recognition criteria.

a) In the new CF (the 2020 CF), recognition is appropriate if it results in both relevant and faithfully represented information about assets, liabilities, equity, income and expenses. Compare and explain the similarities and distinctions in the recognition criteria between the old and the new CF.

* Please write 500 words answer for part a) Also add the links of journal articles or any source where you find information from.