1. Trade payables and other liabilities that are part of an entity's working capital may be presented as current liabilities even if they are expected to be settled beyond one year.
1. Trade payables and other liabilities that are part of an entity's working capital may be presented as current liabilities even if they are expected to be settled beyond one year.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
1. Trade payables and other liabilities that are part of an entity's
they are expected to be settled beyond one year.
2. According to PAS 1, a currently maturing debt that the entity's
management intends to refinance is presented as noncurrent.
3. According to PFRS 15, if an entity expects that a portion of gift
certificates sold will not be redeemed, the entity recognizes the
expected breakage amount as revenue in proportion to
the pattern of rights exercised by customers.
4. Unearned revenue is revenue that is earned but not yet collected
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