which of the following instances would a liability that would otherwise be presented as current is presented as noncurrent a. The liability is payable on demand but the lender promises the entity after the reporting period that the lender will not demand payment in the next 12 months b. The entity

Q: Discuss how IFRS 16 treats financial and operating leases in the financial statements. In what way…

A: IFRS 16 is an international standard that serves its objective for financial reporting of leases and…

Q: Which of the following statements are true? When an employee has rendered service to an entity…

A: PFRS 19 talks about Recognition, Measurement, and Disclosure of Employee Benefits in financial…

Q: None

A: A: "if the acceptor is unable to pay the face value on the maturity date, then it is obliged to draw…

Q: Which of the following statements is not true about provisions? a. Examples of provisions include…

A: The amount that the business has set aside for anticipated future losses and uncertainties for which…

Q: hich of the following statement about expected vesting period agrees with IFRS 2?

A:

Q: Under the pre-2019 accounting standards, how are operating leases reported in the lessee's balance…

A: An operating lease is a contract in which the lessor, allows the lesse, to use an asset for a length…

Q: Prior to 2019, lessees did not include the right-of-use asset and the lease liability for operating…

A: The question is asking about the impact of the new standards set by the Financial Accounting…

Q: Current liabilities are obligations where liquidation is reasonably expected to require the use of…

A: Liabilities refers to an obligation which is yet not paid for. Liabilities are divided on the basis…

Q: what accounts are used to record a contingent warranty liability that is probable and estimable but…

A: A provision or accrued liability is usually included in the financial statements for a contingent…

Q: expense warranty accrual method

A: Warranty expense accrual method recognizes warranty expense if it is probable and can be estimated…

Q: 10) Some contingencies/provisions are recorded, some are disclosed and some are not addressed in the…

A: This question focuses on identifying the treatment variations between US GAAP and IFRS and how…

Q: S1: PFRS 17 allows and insurer to change its accounting policies for insurance contract only if, as…

A: The current set of questions is related to accounting practices for an insurance company in terms of…

Q: 21. For share appreciation rights, S1. the liability is remeasured at the end of each reporting…

A: Equity Capital - Share capital and equity finance are other names for equity capital. It is referred…

Q: Pursuant to the conceptual framework, for an item to be characterised as a liability the definition…

A: Two Examples of Liabilities: 1) Trade payables: Satisfy all the three essential characteristics of…

Q: An arrangement for creditors to accept an amount less than the amount owed to them is referred to as…

A: The debtor typically proposes a payment plan that offers to pay a certain percentage of the total…

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.