Question - discuss the statement

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Question - Discuss the Statement

The MASB Framework states: "Recognition is the process of incorporating in the balance sheet or income statement an item that meets the definition of an element and satisfies the criteria for recognition. "Measurement is the process of determining the monetary amounts at which the elements of the financial statements are to be recognised and carried in the balance sheet and income statement. This involves the selection of the particular basis of measurement."

Reference no: EM132624257

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