Chapter 1
Recognition and Measurement
8
AS-23 (
4
)
What is the name of the balance sheet under IFRS? Describe the major differences between
the listing orders of the various categories and components under IFRS.
AS-24 (
4
)
What is the name of the income statement under IFRS? Describe one major difference from
the income statement under ASPE.
AS-25 (
5
)
In accrual-based accounting, when does revenue need to be recorded?
AS-26 (
5
)
Define the accounting principle of recognition.
