Describe ONE (1) substantive procedure that could be used to verify the existence and rights and obligations of each asset and liability.
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Describe ONE (1) substantive procedure that could be used to verify the existence and
rights and obligations of each asset and liability.
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- Which of the following is most accurate in describing the measurement of assets and liabilities? a. Fair value should be used as often as possible. b. Assets are marked at historic cost, especially for U.S. GAAP, and liabilities are recorded at present value. c. A number of different methods are allowed for calculating asset and liability values.Choose one example of an asset, and referring to the characteristics of assets,explain why your chosen example meets the asset definition criteria.Choose one example of a liability, and referring to the characteristics ofliabilities, explain why your chosen example meets the liability definitioncriteria.In accordance with AASB 9, the recognition of a financial asset or financial liability will be influenced by considerations as to whether there is a contractual right to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable, or potentially unfavourable, to the entity. Explain what this requirement means.
- What is the principle for recognition of a financial asset in PFRS 9? Group of answer choices: A financial asset is recognized when, and only when, the entity obtains the risks and rewards of ownership of the financial asset and has the ability to dispose of the financial asset. A financial asset is recognized when, and only when, the entity obtains control of the instrument and has the ability to dispose of the financial asset independent of the actions of others. A financial asset is recognized when, and only when, it is probable that future economic benefits will flow to the entity and the cost or value of the instrument can be measured reliably. A financial asset is recognized when, and only when, the entity becomes a party to the contractual provisions of the instrument.Identify the accounting issues related to asset impairment.What are the goals of asset & liability management (ALM)?
- Demonstrate the appropriate accounting treatment for contingencies, includingunasserted claims and assessments.Which two models may an entity opt for when accounting forinvestment property?I need help understanding requirement number one for the case shown in the attached picture. Can you please explain why this asset and liability amounts are different?
