Question: Derecognition normally occurs when Question 1 4 Answer a . An item no longer meets the definition of an asset or a liability. b .

Derecognition normally occurs when
Question 14Answer
a.
An item no longer meets the definition of an asset or a liability.
b.
Under all of these circumstances.
c.
The entity no longer has a present obligation of the liability.
d.
The entity loses control of the asset.

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