MCD2160 Lecture Notes - Lecture 10: Interest Expense, Financial Statement, Income Statement

• School: Monash University
• Department: Diploma of Business - Monash College (MCD)
• Course: MCD2160
• Professor: sadiq

Document Summary

A present obligation of the entity to transfer an economic resource as a result of past events. Recognised if it provides users of financial statements with information that is useful that is. Contract contains the right to control the use of an asset for a period of time. Operating lease aasb 16 par 6 period less than one year or low value leases. Non-cancellable period is greater than one-year aasb 16 par 5. Contract right to control use period > 1 year aasb par 9, 23 (asset at cost), 26 (liab unpaid pv at commencement) Aasb 16 par 32 earlier of lease and useful life unless retain. By the end of this week the following initial check list for liabilities. A liability of uncertain timing or amount e. g. warranties. Carried forward, an accrual, if not, an expense, according to aasb 119 par 11.