5 Questions
How should a financial liability/payable through profit or loss be subsequently measured after initial recognition?
At fair value
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
When is a payable considered a financial liability?
When the entity becomes party to the contractual provisions of the instrument
What is the initial measurement of a financial liability at initial recognition?
At its fair value
Which of these is a common example of payables?
Accounts payable
Test your knowledge about the recognition, measurement, de-recognition, and disclosure of trade payables according to IFRS 9 accounting standards. Learn about the definition and types of payables and their significance in financial reporting.
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