Question: What is the difference between recognition and disclosure? recognition is the process of reporting an economic event in the financial statements whereas disclosures typically appear

What is the difference between recognition and disclosure?

recognition is the process of reporting an economic event in the financial statements whereas disclosures typically appear in the notes of the financial statements.

both answers are correct

recognition and disclosure means you provide useful information to creditors and investors disclosure is the process of reporting an economic event in the financial statements whereas recognized items typically appear in the notes of the financial statements.

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