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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Under IFRS, what criteria must be satisfied in order to recognize receivables at fair value?

To determine

Identify the criteria that must be satisfied in order to recognize receivables at fair value under IFRS.

Explanation

Receivables:

Receivable refer to an amount to be received in future. General classifications of receivables are accounts receivable, note receivable, and other receivables

The criteria that must be satisfied to recognize the receivables at their fair value are as follows:

  1. 1. When a fair value option is used under IFRS it reduces the measurement or recognition discrepancies...

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