Derecognition is the removal of all or part of a recognised asset or liability from an entity’s statement of financial position in accordance with the Conceptual Framework 2018. The above aim is to normally achieve derecognising via the following below statements:Which of the statements as mentioned below is NOT correct to achieve the above aim?1) Derecognizing any assets or liabilities transferred, consumed, collected, fulfilled or expired2) Derecognizing any resultant income or expense3) Recognizing any resultant income or expense4) Continuing to recognize assets or liabilities retained (2)

If any amount is received for an asset which is Derecognized then it should be treated as liability.…

Answered: Derecognition is the removal of all or…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Derecognition is the removal of all or part of a recognised asset or liability from an entity’s statement of financial position in accordance with the Conceptual Framework 2018. The above aim is to normally achieve derecognising via the following below statements:

Which of the statements as mentioned below is NOT correct to achieve the above aim?
1. 1) Derecognizing any assets or liabilities transferred, consumed, collected, fulfilled or expired
2. 2) Derecognizing any resultant income or expense
3. 3) Recognizing any resultant income or expense
4. 4) Continuing to recognize assets or liabilities retained (2)

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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