The CPA Canada Handbook is available to most post-secondary students through their educational institution’s subscription. Visit http://edu.knotia.ca to complete this exercise. (You may need to complete this exercise on campus, or log in through your institution’s VPN portal.)
Consider the following: recognition is the process of presenting an item in the financial statements, as opposed to merely disclosing it in the notes.

Required:
a. Go to the standards in Part I (IFRS) of the “Accounting” portion of the Handbook. View the “Conceptual Framework for Financial Reporting.” Identify the paragraphs that discuss the recognition of the elements of financial statements.
b. Summarize the substance of the first three paragraphs.