HKICPA QP Module 6 Financial Accounting Practice Questions - HKICPA Qualification Programme Associate Level Module 6 Financial Accounting (Hong Kong) Exam

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Under the revised Conceptual Framework, which of the following is the key criterion that defines control of an economic resource?

Having legal ownership and possession of the resource The present ability to direct the use of the economic resource and obtain the economic benefits that may flow from it Bearing all the risks of ownership, such as damage or obsolescence The resource being recognized on the statement of financial position as a non-current asset

Correct Answer:

The present ability to direct the use of the economic resource and obtain the economic benefits that may flow from it

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