 Now the assets and liability should be recognized if there is sufficient evidence of existence of the item. There should be some proof, some evidence that there is something, there should be some let us say invoices which shows that you bought this thing, cash memos and so on. So there should be sufficient evidence existence of the item and physically you have seen it now. The item can be measured in a monetary amount with reliability and the amount, the value of it in non-monetary terms, not necessarily in repeat terms only, it can be in dollars, pounds, sterling, etc. So to recognize means that you should record in your books of accounts if you have sufficient proof that this is there and you have the invoice also. De-recognition means that when we can remove it from the accounts, for example, if you are incurring a liability you are borrowing money, so that is you are recognizing in your books as a liability, but when you are paying is off, it means the liability is taken off from the business, you remove it from the business, de-recognize it. When assets are sold or all risk and rewards of ownership are transferred and no risk are retained, means you transferred and no risk is retained by you, control is also given off. Liability should be de-recognized only when the obligation which originated the liability is completely extinguished, completely extinguished when you are paid off, for example you buy the goods let us say on credit, so the purchases are going to be recognized and once you pay the creditors, once you pay the supplier, then the liability will be de-recognized, you buy out an asset and you are using it, but due to some reason it faulty, you are selling it, so when you are bought it is recognized, but when you are selling it you are de-recognizing it, simply means recognition means that you are adding to your accounts and de-recognization means that you are removing from your books of accounts, exchange of an assets that is or discarding of an assets, so you are removing the assets from your business, so that is the de-recognization, paying off your liabilities, settlement of obligation, revenues are expense recognized on a cruel basis, this is need some explanation, you know you have invested money let us say into the bank account and you are earning profit on it, now time you have given 6 months let us say, but you have not received any amount any profit, but the time, but you have agreed let us say 10 percent per annum, so for 6 months you must recognize 5 percent as revenue, similarly you issued bonds, you are paying interest on it let us say, so again you are not paying immediately, you are paying at the end of the year, now the question is after 6 months you own 6 months interest, so you need to recognize it, so this is what basically when it should be recognized, once you pay the liabilities over then you de-recognize it, so it is not something it will be difficult that when should we add and when should we de-tap