Identify whether the items below are part of the general recognition principle under U. S. GAAP, IFRS,

Question:

Identify whether the items below are part of the general recognition principle under U. S. GAAP, IFRS, or both.
Item U. S. GAAP, IFRS, or Both
Relevant___________________________________
Subject to materiality constraint ___________________________________
An element of the
Probable that any future economic benefit associated with the item will flow to or from the company ___________________________________
Measurable ___________________________________
Reliable ___________________________________
Subject to cost- benefit constraint___________________________________ Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...