IAS 39 applies a 'rights and obligations approach' to the recognition of financial instruments. Discuss.
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (12 reviews)
IAS 39 applies to contracts equally proportionately unperformed where both parties to the contract have equal unperformed rights and obligations unles...View the full answer
Answered By
Allan Simiyu
I am an adroit Writer. I am a dedicated writer having worked as a writer for 3 years now. With this, I am sure to ace in the field by helping students break down abstract concepts into simpler ideas.
5.00+
8+ Reviews
54+ Question Solved
Related Book For
Applying International Financial Reporting Standards
ISBN: 978-0730302124
3rd edition
Authors: Keith Alfredson, Ken Leo, Ruth Picker, Paul Pacter, Jennie Radford Victoria Wise
Question Posted:
Students also viewed these Accounting questions
-
Inspecting documents, such as an invoice for the purchase of fi xed assets, provides the auditor with evidence relevant to the: (a) Rights and obligations assertion, because the document will show...
-
MULTIPLE-CHOICE QUESTIONS 1. Which of the following assertions is relevant to whether the company has title to the cash accounts as of the balance sheet date? a. Existence or occurrence. b....
-
1. The specific audit objective for the audit of investments, investment revenues, and realized and unrealized gains and losses, are reported at proper amounts, relates to the: a) Completeness...
-
Window World extended credit to customer Nile Jenkins in the amount of $130,900 for his purchase of window treatments on April 2. Terms of the sale are 2/60, n/150. The cost of the purchase to Window...
-
(Multiple Choice) 1. Moments Fashions has a debt that has been properly reported as a long-term liability up to the present year (2012). Some of this debt comes due in 2012. If Moments Fashions...
-
In the various path-finding algorithms, we have created a path array that just stores immediate parent of a node, print the complete path for it.
-
The requirement to make a study and evaluation of internal control applies regardless of the method of data processing used by a company. However, the methodology of complying with this standard may...
-
a chain of sandwich shops. The company is considering two possible expansion plans. Plan A would open eight smaller shops at a cost of $ 8,440,000. Expected annual net cash inflows are $ 1,600,000...
-
Calculate earnings per share for Groom Corporation for the year ended December 31, 2001. 9. Binji Company had net income of $862,500 for the year ended December 31, 2001. At the beginning of the year...
-
Most of the percentages in a common size budget are determined by dividing the line item dollars by total sales dollars. Which expenses are the exceptions to this rule, and how are their percentages...
-
Explain how a concentration of credit risk may arise for trade accounts receivable.
-
Explain what an economic hedge is. Will hedge accounting always result in the same outcome as an economic hedge?
-
Find three consecutive even integers such that the sum of the least integer and the middle integer is 26 more than the greatest integer.
-
Who is the typical driver for each type of BPM activity?
-
Alex Evans has a personal automobile policy (PAP) with coverage of $25,000/$50,000 for bodily injury liability, $25,000 for property damage liability, $5,000 for medical payments, and a $500...
-
What other possible factors may influence how you start a BPM activity within your organization?
-
Do you think men and women differ in their leadership styles? If so, how?
-
What are the advantages and disadvantages of the bottom-up approach?
-
Which of the following statements is false? a. Hyper ledger is an open source blockchain platform created by the Linux foundation. b. Hyper ledger is a permissioned blockchain with capabilities of...
-
(a) Prove that form an orthonormal basis for R3 for the usual dot product. (b) Find the coordinates of v = (1, 1, 1)T relative to this basis. (c) Verify formula (5.5) in this particular case. 48-65...
-
In each case below, accounting conventions may have been violated. 1. Rhondas Manufacturing Company uses the cost method for computing the balance sheet amount of inventory unless the market value of...
-
Oak Nursery Companys single-step income statements for 2011 and 2010 follow. Required 1. From the information provided, prepare multistep income statements for 2010 and 2011 showing percentages of...
-
The following information is from the June 30, 2011, post-closing trial balance of Mike's Hardware Company. Required 1. From the information provided, prepare a classified balance sheet for Mike's...
-
Subtract and simplify: 5x-6x+2-(-2-x+2x)
-
In order to value a company, you would need to forecast its future (a key word here) free cash flows. How would you approach this task? Using downloaded real data, try to make the forecast and see,...
-
share five (5) pieces of advice you would give the class about personal financial planning. Explain each. You might go back and look at the introductions in the first discussion for a general,...
Study smarter with the SolutionInn App