Abstract:
Definition of recognition criteria and valuation issue for assets, liabilities, income and expenses, is presumed to result in financial statements that achieve a fair presentation. Presentation of liabilities is based on recognition, due dates and valuation opportunities. Events, resulting recognition of contingent liabilities are frequent in modern economies. Recognition and presentation in financial statement depends on different nature of current liabilities, contingent liabilities and requires special judgment. To ensure fair presentation of financial statement, it is crucial to apply appropriate recognition criteria measurement bases.
The study was conducted based on IFRIC (International Financial Reporting Interpretations Committee) interpretations, issued after approval of IASB (International Accounting Standards Board), and Conceptual Framework for Financial Statements.
Description:
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