CA Final Financial Reporting Practice Questions - ICAI CA Final Paper 1 Financial Reporting Exam

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Under the ICAI Framework for the Preparation and Presentation of Financial Statements in accordance with Ind AS, an item meeting the definition of an asset is recognised only when which two conditions are satisfied?

It is denominated in the entity's functional currency and is current It is legally owned and physically held by the entity It is probable that future economic benefits will flow to the entity and the cost or value can be measured reliably It has been approved by the board and disclosed in the notes

Correct Answer:

It is probable that future economic benefits will flow to the entity and the cost or value can be measured reliably

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