»Ê¹ÚÌåÓýapp

Recognition is a widely used term that is unambiguous and clearly understood by accountants. It is defined in the IASB Framework (paragraph 5.1) thus:

“Recognition is the process of capturing for inclusion in the statement of financial position or the statement(s) of financial performance an item that meets the definition of one of the elements of financial statements—an asset, a liability, equity, income or expenses. Recognition involves depicting the item in one of those statements—either alone or in aggregation with other itemsâ€� in words and by a monetary amount, and including that amount in one or more totals in that statement. »Ê¹ÚÌåÓýapp amount at which an asset, a liability or equity is recognised in the statement of financial position is referred to as its ‘carrying amountâ€�.â€�

HMRC consider that for Bank Levy purposes the assets and liabilities recognised in the financial statements are those assets and liabilities recognised prior to any presentational offset of assets and liabilities under IAS32.