This ia an imperfective/perfective pair of verbs,
признавать is imperfective,
признать is perfective. The forms of the two verbs are written the same way, but they are distinguished with the stress which is usually not marked in writing, although sometimes it can be marked to get rid of ambiguity.
Признавáть (imp.) has the stress on the suffix, just like the infinitive, these forms have the meaning of the Present tense:
признаю́, признаёшь, признаёт
признаём, признаёте, признаю́т
Признáть (perf.) has the stress on the root, just like the infinitive, these forms have the meaning of the Future tense:
признáю, признáешь, признáет
признáем, признáете, признáют
признавать can have the Future tense formed with "быть":
буду признавать (will acknowledge).