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Questions and Answers
How should a financial liability/payable through profit or loss be subsequently measured after initial recognition?
How should a financial liability/payable through profit or loss be subsequently measured after initial recognition?
- At market value
- At fair value (correct)
- At historical cost
- At amortized cost using the effective interest method
What is the definition of payables according to IFRS 9?
What is the definition of payables according to IFRS 9?
- Obligation of an enterprise to transfer economic resources to other entities in the future due to past transactions (correct)
- Recognition of financial instruments
- Only related to trade accounts payable
- Obligation of an enterprise to transfer financial resources to other entities immediately
When is a payable considered a financial liability?
When is a payable considered a financial liability?
- When the entity receives an invoice for the payable
- When the payment is made for the payable
- When the payable is recorded in the books
- When the entity becomes party to the contractual provisions of the instrument (correct)
What is the initial measurement of a financial liability at initial recognition?
What is the initial measurement of a financial liability at initial recognition?
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Which of these is a common example of payables?
Which of these is a common example of payables?
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