Conceptual Framework & IFRS Questions

According to the FASB conceptual framework, which of the following is an essential characteristic of an asset

An asset provides a future benefit

Which of the following is not a valuation technique used to measure or estimate fair value?

Asset Creation Approach (MIC: Market, Income and Cost)

According to the FASB conceptual framework, which of the following is an enhancing quality that relates to both relevance and faithful representation

Comparability

The enhancing qualitative characteristics of financial reporting are

Comparability, Understandability, Timeliness and Verifiability

According to Statements of Financial Accounting Concepts, neutrality is an ingredient of

Faithful Representation YES, Relevance NO

According to the IASB Framework, the financial statement element that is defined as "a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity", is which of the following?

Liability

According to the IASB Framework, the qualitative characteristic of relevance includes

Predictive value, confirmatory value and materiality

According to the FASB conceptual framework, the process of reporting an item in the financial statements of an entity is

Recognition