Transcription of Definition and Recognition of the Elements of Financial ...
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Definition and Recognition of the Elements of Financial ...
Statement of Accounting ConceptsSAC 4(3/95) Definition andRecognition of theElements of FinancialStatementsPrepared by the Public Sector Accounting Standards Board ofthe Australian Accounting Research Foundation and by theAustralian Accounting Standards BoardIssued by the Australian Accounting Research Foundation on behalfof The Institute of Chartered Accountants in Australia and theAustralian Society of Certified Practising Accountants and by theAustralian Accounting Standards BoardThe Australian Accounting Research Foundation was established by TheInstitute of Chartered Accountants in Australia and the Australian Society ofCertified Practising Accountants and undertakes a range of technical andresearch activities on behalf of the accounting profession as a whole. Amajor responsibility of the Foundation is the development of Statements ofAccounting Concepts and Accounting Standards.
financial statements (namely assets, liabilities, equity, revenues and expenses) and to specify criteria for their recognition in financial statements. Summary of Concepts Definition of Assets "Assets" are future economic benefits controlled by the entity as a result of past transactions or other past events. Criteria for Recognition of Assets
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