A. For an asset, derecognition normally occurs when the entity loses control of all or part of the recognised asset B. For a liability, derecognition normally occurs when the entity no longer has a present obligation for all or part of the recognised liability C. Derecognition is the removal of all or part of a recognised asset or liability from an entity's statement of financial position OD. All of the above

A. For an asset, derecognition normally occurs when the entity loses control of all or part of the recognised asset B. For a liability, derecognition normally occurs when the entity no longer has a present obligation for all or part of the recognised liability C. Derecognition is the removal of all or part of a recognised asset or liability from an entity's statement of financial position OD. All of the above

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

What does the Conceptual
Framework state about
derecognition?

A. For an asset, derecognition
normally occurs when the entity
loses control of all or part of the
recognised asset
B. For a liability, derecognition
normally occurs when the entity
no longer has a present
obligation for all or part of the
recognised liability
C. Derecognition is the removal of
all or part of a recognised asset or
liability from an entity's statement
of financial position
OD. All of the above

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