Which statement correctly describes Recognition of assets?

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Recording an asset happens when the entity controls the resource and expects to receive future economic benefits, and its cost or value can be measured reliably. This captures the idea that recognition is about ensuring the asset will bring benefits and that we can quantify its value, not about receiving cash or timing it only at year-end. So the statement that an asset is recognized when it is probable future benefits will flow and the cost/value can be measured reliably matches how recognition works in practice.

Think of it like this: if you purchase or obtain a resource that the company will use over time and you can quantify what it costs, you record it as an asset even before any cash might shift or before you bill someone; you don’t wait for cash receipt or for a single year-end moment to recognize it. Intangible assets follow the same idea when they can be identified, controlled, and measured reliably.