Under IFRS and ASPE One of the Formal Principles Which

question 71

Multiple Choice

Under IFRS and ASPE one of the formal principles which set out the criteria that must be satisfied before an expense can be recognized is:

• A) There has been a decrease in future economic benefits caused by a decrease in an asset or an increase in a liability.
• B) The expense cannot be reliably measured.
• C) There has been an increase in future economic benefits caused by a decrease in an asset or an increase in a liability.
• D) The ownership (or control) and benefits of the goods have been transferred to the customer, or the services have been provided to the customer.