Chapter 1
Recognition and Measurement
7
AS-19 (
3
)
What is one reason that the AcSB allows private corporations to report financial information
under ASPE while requiring public companies to adopt IFRS?
AS-20 (
4
)
Define an asset.
AS-21 (
4
)
Which financial statement element can be described as a future legal obligation that will
require an outflow of resources?
AS-22 (
4
)
Explain why an expense is defined as a decrease in equity.
