Ch12_Fin instrument

Question 1

Fin inst

Answer 1

is any contract that gives rise to a fianancial asset of one entity and fin liability or equity instrument of another entity

Question 2

Fin asset and liab

Answer 2

in addition to cash, cont righ to receive cash and contr rights to exchange fin instruments with another entity under potentially favourable conditions (liab cont obligation to receive under unfavourable cond)

Question 3

equity instument

Answer 3

any contract that evidences residual interest in the assets of an entity after deducting all of its laibilities
IAS 32- classif-n and presentation, IFRS 7 - discl, IFRS 9 FIn Instr - initial and subs measuremnt and application of hedge accounting