relevance and reliability ------------------------------------------------- example: historical cost (reliable, not really relevant) vs fair value (rekevance, not very reliable) of land price after 20 years. Asset: controlled by entitiy, future economic benefit through use or exchange, from past transsactions/event. FEB: sell, rent, occupy, run Recognised : in financial statement, disclosed: in the notes Asset is recognised when it is probable and reliably meassured. Example1: a storage warehouse…
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