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Quiz

ACTG 2P32 Quiz: Financial Liabilities

by OneClass2425523 , Spring 2018
4 Pages
87 Views
Spring 2018

Department
Accounting
Course Code
ACTG 2P32
Professor
Parunchana Pacharn
Study Guide
Quiz

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Financial Liabilities
ASPE (sections 3856 )
IFRS (IAS 32)
Nature
A financial liability is any
liability that is a contractual
obligation:
(i) to deliver cash or
another financial asset to
another party; or
(ii) to exchange financial
instruments with another
party under conditions that
are potentially unfavourable
to the entity.
A financial liability is any liability that is:
(a) a contractual obligation:
(i) to deliver cash or another financial asset
to another entity; or
(ii) to exchange financial assets or financial
liabilities with another entity under conditions
that are potentially unfavourable to the entity;
or
(b) a contract that will or may be settled in
the entity's own equity instruments and is:
(i) a non-derivative for which the entity is or
may be obliged to deliver a variable number of
the entity's own equity instruments; or
(ii) a derivative that will or may be settled
other than by the exchange of a fixed amount
of cash or another financial asset for a fixed
number of the entity's own equity
instruments. For this purpose, rights, options
or warrants to acquire a fixed number of the
entity's own equity instruments for a fixed
amount of any currency are equity
instruments if the entity offers the rights,
options or warrants pro rata to all of its
existing owners of the same class of its own
non-derivative equity instruments. Also, for
these purposes the entity's own equity
instruments do not include puttable financial
instruments that are classified as equity
instruments in accordance with paragraphs
16A and 16B, instruments that impose on the
entity an obligation to deliver to another party
a pro rata share of the net assets of the entity
only on liquidation and are classified as equity
instruments in accordance with paragraphs
16C and 16D, or instruments that are
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Description
Financial Liabilities ASPE (sections 3856 ) IFRS (IAS 32) Nature A financial liability is any A financial liability is any liability that is: liability that is a contractual obligation: (a) a contractual obligation: (i) to deliver cash or another financial asset to (i) to deliver cash or another financial asset another party; or to another entity; or (ii) to exchange financial instruments with another (ii) to exchange financial assets or financial party under conditions that liabilities with another entity under conditions are potentially unfavourable that are potentially unfavourable to the entity; to the entity. or (b) a contract that will or may be settled in the entitys own equity instruments and is: (i) a nonderivative for which the entity is or may be obliged to deliver a variable number of the entitys own equity instruments; or (ii) a derivative that will or may be settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entitys own equity instruments. For this purpose, rights, options or warrants to acquire a fixed number of the entitys own equity instruments for a fixed amount of any currency are equity instruments if the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own nonderivative equity instruments. Also, for these purposes the entitys own equity instruments do not include puttable financial instruments that are classified as equity instruments in accordance with paragraphs 16A and 16B, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C and 16D, or instruments that are
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