Financial Reporting (FR) Mar / June 2021 Examiner’s report

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FR MJ21 examiner\'s report

What is the correct answer The correct answer is C – The economic resource can be reliably measured
Which of the following is NOT included in the International Accounting Standards Board’s (IASB) definition of an asset in the Conceptual Framework

What does this test?
This question tests learning outcome A2(b) where candidates must be able
to define the various elements of the financial statements and apply the
recognition criteria in accordance with the Conceptual Framework for
Financial Reporting (the Conceptual Framework).
Candidates must appreciate that all areas of the syllabus can be tested in
the exam. Highly narrative parts of the FR syllabus are often ignored by
candidates in favour of focussing on other areas, but candidates must ensure
they have a breadth of knowledge covering all syllabus areas.
What is the correct answer?
The correct answer is
C – The economic resource can be reliably measured.
The Conceptual Framework defines an asset as follows:
‘An asset is a present economic resource controlled by the entity as a result
of past events.’
Therefore, the only statement that is NOT included in the definition of an
asset is
C.

Where did candidates go wrong?
The most common options selected were either B or D. This implies that many
candidates are not familiar with the terminology from the Conceptual Framework
regarding the definitions of the elements of financial statements.
Although individual IFRS Standards may require an entity to be able to reliably
measure an asset before recognising it, this is not part of the definition of an asset.
Which of the following is NOT included in the International Accounting
Standards Board’s (IASB) definition of an asset in the Conceptual Framework
for Financial Reporting?

Options:

A. The asset is controlled by the entity
B. The asset is a present economic resource
C. The economic resource can be reliably measured
D. The asset exists as a result of past events

Examiner’s report – FR March/June 2021
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