The Date of Recognition is the date from which an asset is recognised financially.
The date of recognition adopted will typically depend on how the asset is acquired. Assets can be purchased, constructed, gifted or found.
In the case of purchased assets the date of recognition is clearly the purchase date, for other asset acquistition methods the appropriate date of recognition is less obvious.
The appropriate date of recognition for gifted assets is for some councils a particularly tricky topic. Dates considered include: