What is it about?

Asset identification and recognition is crucial to presenting an entity's financial position. So how is it that standard setters should define assets for recognition purposes?

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Why is it important?

Recognition of all assets, liabilities, revenues, and expenses is crucial to high quality financial reporting.

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This page is a summary of: ASSET VALUATION: AN HISTORICAL PERSPECTIVE, Accounting Historians Journal, March 1980, American Accounting Association,
DOI: 10.2308/0148-4184.7.1.73.
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