With the issuing of Statement of Accounting Concepts 4 on the definition and recognition of elements of financial statements, research into the possible ramifications of the application of recognition criteria in that statement is timely. Using 60 experienced Australian auditors as subjects, this study provides information on the numerical equivalents of uncertainty expressions such as “beyond any reasonable doubt” and “virtually certain” (as per the asset‐recognition criteria of AASB 1020), and “probable” (as per Statement of Accounting Concepts 4). In addition, it compares the decisions made by auditors under the criteria included in AASB 1020 and SAC 4. The results indicate that the regognition criteria in AASB 1020 are a higher test of stringency for the recognition of assets than those adopted in