FASB adds Conceptual Framework chapter on recognition and derecognition

This week the FASB issued a new chapter in its Conceptual Framework that establishes recognition and derecognition criteria. A financial statement item is to be recognized if it: (1) meets the definition of a financial statement element; (2) is measurable; and (3) can be depicted and measured with faithful representation. Derecognition occurs if any one of the recognition criteria is no longer met. The new chapter, like others in the Framework, includes concepts the Board uses to develop standards; there is no immediate change to GAAP.
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