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Questions and Answers
How are financial liabilities initially measured according to PFRS 9?
How are financial liabilities initially measured according to PFRS 9?
- At their fair value less transaction costs (correct)
- At their present value
- At their historical cost
- At their amortized cost
What is the alternative to measuring financial liabilities at fair value less transaction costs?
What is the alternative to measuring financial liabilities at fair value less transaction costs?
- Measuring at amortized cost
- Measuring at present value
- Designating at fair value through profit or loss (correct)
- Measuring at historical cost
Which accounting standard is applicable to provisions?
Which accounting standard is applicable to provisions?
- PAS 37 (correct)
- PFRS 16
- PAS 19
- PFRS 9
How are non-financial liabilities measured?
How are non-financial liabilities measured?
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Which type of liability is accounted for under PFRS 16?
Which type of liability is accounted for under PFRS 16?
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What is the primary characteristic of a financial liability?
What is the primary characteristic of a financial liability?
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Which of the following is an example of a non-financial liability?
Which of the following is an example of a non-financial liability?
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What is the basis of a constructive obligation?
What is the basis of a constructive obligation?
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Which of the following is NOT a financial liability?
Which of the following is NOT a financial liability?
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What is the primary distinction between financial and non-financial liabilities?
What is the primary distinction between financial and non-financial liabilities?
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