Under​ IFRS, when do firms recognize income on the income​ statement?

Question

A.
Under​ IFRS, income is recognized on the income statement when the following two criteria are​ met: (1) an increase in future economic benefits related to an increase in an asset or a decrease of a liability has arisen and​ (2) it can be measured reliably.
B.
Under​ IFRS, income is recognized on the income statement when the following two criteria are​ met: (1) an increase in future economic benefits related to an increase in an asset or a decrease of a liability has arisen and​ (2) it is relevant.
C.
Under​ IFRS, income is recognized on the income statement when it is relevant.
D.
Under​ IFRS, income is recognized on the income statement when the​ entity's economic benefits are consumed in the process of producing or delivering goods or rendering services
ANSWER A

Answer 1

correct