What criteria is set for recognizing the elements (Assets, Liabilities and others) of financial statement ?

For Assets, IAS2 IAS16, IAS38, IAS32, IAS39 and IFRS9 gives the criteria while for liabilities the criteria is given in IAS1, IAS37, IAS32/39 and IFRS9.  (Including IFRICs)

Recognition

Assets (Historical cost)

Liabilites (Historical cost)

Subsequent valuation

Assets (NRV, Fair Value, recoverable value)

Liabilities (Fair Value)

Basic criteria for recognizing the asset or liability in financial statements are as follows;

Assets:

When it is probable that economic benefits will flow towards the company.

Liability;

When it is probable that economics benefits will flow outwards from company.       

 Present obligation arising from past transactions or events.

Initial or subsequent measurement criteria is separate matter.