ADMS 3595 Study Guide - Contingent Liability, Accounts Payable, Accrued Interest
14 Apr 2013
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Professor sung kwon (course director) and ms. trish farrell. Type points available points earned: multiple choice. Circle the best answer and copy it to your. Only your answers on the scantron form will be graded. According to the exposure draft of proposed amendments to ias 37, provisions, Contingent liabilities and contingent assets: only conditional obligations are recorded, liabilities must have measurement certainty, the term contingent liabilities is eliminated, a conditional obligation related to an unconditional obligation is not recognized. Which of the following liabilities is not a financial liability? a: accounts payable, notes payable, both a) and b). A liability is classified as current under ifrs if, a. b. c: the entity has an unconditional right to defer its settlement for at least 12 months after. It is not expected to be settled in the entity"s normal operating cycle. It is due more than 12 months from the end of the reporting period. the balance sheet date.
