CERTYNEX IFRS ACADEMY

An accountant reviews four situations against the recognition criteria for an investment property. Which of the conclusions is incorrect?

"Cost is reliable but future benefits are improbable: the criterion is met and the property is recognised."

"Future benefits are probable and cost is reliable: the property is recognised as an asset."

"Future benefits are probable but cost cannot be measured reliably: the property is not recognised."

"Both conditions must be met together to recognise the property as an asset."