FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
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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?
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1) Derecognizing any assets or liabilities transferred, consumed, collected, fulfilled or expired
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2) Derecognizing any resultant income or expense
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3) Recognizing any resultant income or expense
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4) Continuing to recognize assets or liabilities retained (2)
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