NZIAS 1 Flashcards
What is the full name of the Statement of Comprehensive Income under NZIAS 1 paragraph 81?
Statement of profit or loss and other comprehensive income
In addition to items required by other NZ IFRSs, Under NZIAS 1, the profit or loss section or the statement of profit or loss shall include line items that present the following amounts for the period:
(a) _________;
(b) finance costs;
(c) share of the profit or loss of associates and joint ventures accounted for using the equity method; (d) tax expense;
(e) [deleted by IASB]
(ea) a single amount for the total of discontinued operations (see NZ IFRS 5)
(f) –(i) [deleted by IASB]
revenue
In addition to items required by other NZ IFRSs, Under NZIAS 1, the profit or loss section or the statement of profit or loss shall include line items that present the following amounts for the period:
(a) revenue;
(b) ___________________;
(c) share of the profit or loss of associates and joint ventures accounted for using the equity method; (d) tax expense;
(e) [deleted by IASB]
(ea) a single amount for the total of discontinued operations (see NZ IFRS 5)
(f) –(i) [deleted by IASB]
finance costs
In addition to items required by other NZ IFRSs, Under NZIAS 1, the profit or loss section or the statement of profit or loss shall include line items that present the following amounts for the period:
(a) revenue;
(b) finance costs;
(c) _________________________________
(d) tax expense;
(e) [deleted by IASB]
(ea) a single amount for the total of discontinued operations (see NZ IFRS 5)
(f) –(i) [deleted by IASB]
share of the profit or loss of associates and joint ventures accounted for using the equity method
________ sets out the Presentation Requirements for Financial Reporting.
NZIAS 1
NZIAS 1 sets out the _________________ for Financial Reporting.
Presentation Requirements
NZIAS 1 sets out the Presentation Requirements for ________________.
Financial Reporting
Under NZIAS 1, paragraph ____, a complete set of financial statements include:-
(a) a statement of financial position as at the end of the period;
(b) a statement of profit or loss and other comprehensive income for the period;
(c) a statement of changes in equity for the period;
(d) a statement of cash flows for the period;
(e) notes, comprising significant accounting policies and other explanatory information;
10
Under NZIAS 1, paragraph 10, a complete set of financial statements include:-
(a) a __________________ as at the end of the period;
(b) a statement of profit or loss and other comprehensive income for the period;
(c) a statement of changes in equity for the period;
(d) a statement of cash flows for the period;
(e) notes, comprising significant accounting policies and other explanatory information;
statement of financial position
Under NZIAS 1, paragraph 10, a complete set of financial statements include:-
(a) a statement of financial position as at the end of the period;
(b) a ________________ and other comprehensive income for the period;
(c) a statement of changes in equity for the period;
(d) a statement of cash flows for the period;
(e) notes, comprising significant accounting policies and other explanatory information;
statement of profit or loss
Under NZIAS 1, paragraph 10, a complete set of financial statements include:-
(a) a statement of financial position as at the end of the period;
(b) a statement of profit or loss _______________________ for the period;
(c) a statement of changes in equity for the period;
(d) a statement of cash flows for the period;
(e) notes, comprising significant accounting policies and other explanatory information;
and other comprehensive income
Under NZIAS 1, paragraph 10, a complete set of financial statements include:-
(a) a statement of financial position as at the end of the period;
(b) a statement of profit or loss and other comprehensive income for the period;
(c) a __________________ for the period;
(d) a statement of cash flows for the period;
(e) notes, comprising significant accounting policies and other explanatory information;
statement of changes in equity
Under NZIAS 1, paragraph 10, a complete set of financial statements include:-
(a) a statement of financial position as at the end of the period;
(b) a statement of profit or loss and other comprehensive income for the period;
(c) a statement of changes in equity for the period;
(d) a _________________ for the period;
(e) notes, comprising significant accounting policies and other explanatory information;
statement of cash flows
Under NZIAS 1, paragraph 10, a complete set of financial statements include:-
(a) a statement of financial position as at the end of the period;
(b) a statement of profit or loss and other comprehensive income for the period;
(c) a statement of changes in equity for the period;
(d) a statement of cash flows for the period;
(e) _______, comprising significant accounting policies and other explanatory information;
notes
Under NZIAS 1, paragraph 10, a complete set of financial statements include:-
(a) a statement of financial position as at the end of the period;
(b) a statement of profit or loss and other comprehensive income for the period;
(c) a statement of changes in equity for the period;
(d) a statement of cash flows for the period;
(e) notes, _____________________ and other explanatory information;
comprising significant accounting policies
Under NZIAS 1, paragraph 10, a complete set of financial statements include:-
(a) a statement of financial position as at the end of the period;
(b) a statement of profit or loss and other comprehensive income for the period;
(c) a statement of changes in equity for the period;
(d) a statement of cash flows for the period;
(e) notes, comprising significant accounting policies and _____________________;
other explanatory information
Section ___ of the Financial Reporting Act 2013 sets out the obligation to comply with financial reporting standards as part of complying with GAAP.
8
Section 8 of the _________________ sets out the obligation to comply with financial reporting standards as part of complying with GAAP.
Financial Reporting Act 2013
Section 8 of the Financial Reporting Act 2013 sets out the _____________ with financial reporting standards as part of complying with GAAP.
obligation to comply
Section 8 of the Financial Reporting Act 2013 sets out the obligation to comply with _______________ as part of complying with GAAP.
financial reporting standards
Section 8 of the Financial Reporting Act 2013 sets out the obligation to comply with financial reporting standards as part of complying with ____________.
GAAP
Under NZ IAS 1, _____________ is the residual interest in the assets of the entity after deducting all its liabilities.
Equity
Under NZ IAS 1, Equity is the ______________ in the assets of the entity after deducting all its liabilities.
residual interest
Under NZ IAS 1, Equity is the residual interest in the _______________ after deducting all its liabilities.
assets of the entity
Under NZ IAS 1, Equity is the residual interest in the assets of the entity _____________ all its liabilities.
after deducting
Under NZ IAS 1, Equity is the residual interest in the assets of the entity after deducting_______________.
all its liabilities.
___________ is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.
Income
Income is ________________, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.
increases in assets
Income is increases in assets, or ________________, that result in increases in equity, other than those relating to contributions from holders of equity claims.
decreases in liabilities
Income is increases in assets, or decreases in liabilities, ______________ increases in equity, other than those relating to contributions from holders of equity claims.
that result in
Income is increases in assets, or decreases in liabilities, that result in _______________, other than those relating to contributions from holders of equity claims.
increases in equity
Income is increases in assets, or decreases in liabilities, that result in increases in equity, ________________contributions from holders of equity claims.
other than those relating to
Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to _____________ holders of equity claims.
Contributions from
Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from _____________.
holders of equity claims
Elements recognised in financial statements are quantified in monetary terms. This requires the ________ of a measurement basis. A measurement basis is an identified feature—for example, historical cost, fair value or fulfilment value—of an item being measured. Applying a measurement basis to an asset or liability creates a measure for that asset or liability and for related income and expenses
selection
Elements recognised in financial statements are quantified in monetary terms. This requires the selection of a _____________. A measurement basis is an identified feature—for example, historical cost, fair value or fulfilment value—of an item being measured. Applying a measurement basis to an asset or liability creates a measure for that asset or liability and for related income and expenses
measurement basis
Elements recognised in financial statements are quantified in monetary terms. This requires the selection of a _____________. A measurement basis is an identified feature—for example, historical cost, fair value or fulfilment value—of an item being measured. Applying a measurement basis to an asset or liability creates a measure for that asset or liability and for related income and expenses
measurement basis
Elements recognised in financial statements are quantified in monetary terms. This requires the selection of a measurement basis. A _____________ is an identified feature—for example, historical cost, fair value or fulfilment value—of an item being measured. Applying a measurement basis to an asset or liability creates a measure for that asset or liability and for related income and expenses
measurement basis
Elements recognised in financial statements are quantified in monetary terms. This requires the selection of a measurement basis. A measurement basis is an _______________—for example, historical cost, fair value or fulfilment value—of an item being measured. Applying a measurement basis to an asset or liability creates a measure for that asset or liability and for related income and expenses
identified feature
Elements recognised in financial statements are quantified in monetary terms. This requires the selection of a measurement basis. A measurement basis is an identified feature—for example, ___________, fair value or fulfilment value—of an item being measured. Applying a measurement basis to an asset or liability creates a measure for that asset or liability and for related income and expenses
historical cost
Elements recognised in financial statements are quantified in monetary terms. This requires the selection of a measurement basis. A measurement basis is an identified feature—for example, historical cost, _________ or fulfilment value—of an item being measured. Applying a measurement basis to an asset or liability creates a measure for that asset or liability and for related income and expenses
fair value
Elements recognised in financial statements are quantified in monetary terms. This requires the selection of a measurement basis. A measurement basis is an identified feature—for example, historical cost, fair value or _____________—of an item being measured. Applying a measurement basis to an asset or liability creates a measure for that asset or liability and for related income and expenses
fulfilment value
Elements recognised in financial statements are quantified in monetary terms. This requires the selection of a measurement basis. A measurement basis is an identified feature—for example, historical cost, fair value or fulfilment value—_________________. Applying a measurement basis to an asset or liability creates a measure for that asset or liability and for related income and expenses
of an item being measured
Elements recognised in financial statements are quantified in monetary terms. This requires the selection of a measurement basis. A measurement basis is an identified feature—for example, historical cost, fair value or fulfilment value—___________ being measured. Applying a measurement basis to an asset or liability creates a measure for that asset or liability and for related income and expenses
of an item
Elements recognised in financial statements are quantified in monetary terms. This requires the selection of a measurement basis. A measurement basis is an identified feature—for example, historical cost, fair value or fulfilment value—of an item ____________. Applying a measurement basis to an asset or liability creates a measure for that asset or liability and for related income and expenses
being measured
According to the _________, there are four main measurement bases commonly used: historical cost, current cost, realisable value and present value.
(also https://en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements)
ESA Study Guide
According to the ESA Study Guide, there are ______________ commonly used: historical cost, current cost, realisable value and present value.
(also https://en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements)
four main measurement bases
According to the ESA Study Guide, there are four main measurement bases commonly used: ____________, current cost, realisable value and present value.
(also https://en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements)
historical cost
According to the ESA Study Guide, there are four main measurement bases commonly used: historical cost, _____________, realisable value and present value.
(also https://en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements)
current cost
According to the ESA Study Guide, there are four main measurement bases commonly used: historical cost, current cost, ___________ and present value.
(also https://en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements)
realisable value
According to the ESA Study Guide, there are four main measurement bases commonly used: historical cost, current cost, realisable value and _____________.
(also https://en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements)
present value
- ___________: Under __________ basis, assets are carried at the amount of cash that would have to be paid if the same or an equivalent asset was acquired currently. Liabilities are carried at the undiscounted amount of cash that would be required to settle the obligations currently.
https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
Current cost
- Current cost: Under current cost basis, assets are carried at the _________________ if the same or an equivalent asset was acquired currently. Liabilities are carried at the undiscounted amount of cash that would be required to settle the obligations currently.
https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
amount of cash that would have to be paid
- Current cost: Under current cost basis, assets are carried at the amount of cash that would have to be paid _____________ was acquired currently. Liabilities are carried at the undiscounted amount of cash that would be required to settle the obligations currently.
https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
if the same or an equivalent asset
- Current cost: Under current cost basis, assets are carried at the amount of cash that would have to be paid if the same or an equivalent asset _____________. Liabilities are carried at the undiscounted amount of cash that would be required to settle the obligations currently.
https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
was acquired currently
- Current cost: Under current cost basis, assets are carried at the amount of cash that would have to be paid if the same or an equivalent asset was acquired currently. Liabilities are carried at the _______________ that would be required to settle the obligations currently.
https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
undiscounted amount of cash
- Current cost: Under current cost basis, assets are carried at the amount of cash that would have to be paid if the same or an equivalent asset was acquired currently. Liabilities are carried at the undiscounted amount of cash ____________ to settle the obligations currently.
https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
that would be required
- Current cost: Under current cost basis, assets are carried at the amount of cash that would have to be paid if the same or an equivalent asset was acquired currently. Liabilities are carried at the undiscounted amount of cash that would be required _____________________.
https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
to settle the obligations currently
- ___________: Assets are carried at the amount of cash that could currently be obtained by selling the asset in an orderly disposal. Liabilities are carried at their settlement values; that is, the undiscounted amount of cash expected to be paid or satisfy the liabilities in the normal course of business.
https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
Realisable value
- Realisable value: Assets are carried at ______________ that could currently be obtained by selling the asset in an orderly disposal. Liabilities are carried at their settlement values; that is, the undiscounted amount of cash expected to be paid or satisfy the liabilities in the normal course of business.
https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
the amount of cash
- Realisable value: Assets are carried at the amount of cash __________________in an orderly disposal. Liabilities are carried at their settlement values; that is, the undiscounted amount of cash expected to be paid or satisfy the liabilities in the normal course of business.
https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
that could currently be obtained by selling the asset
- Realisable value: Assets are carried at the amount of cash that could currently be obtained by selling the asset ___________. Liabilities are carried at their settlement values; that is, the undiscounted amount of cash expected to be paid or satisfy the liabilities in the normal course of business.
https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
in an orderly disposal
- Realisable value: Assets are carried at the amount of cash that could currently be obtained by selling the asset in an orderly disposal. Liabilities are carried at their __________; that is, the undiscounted amount of cash expected to be paid or satisfy the liabilities in the normal course of business.
https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
settlement values
- Realisable value: Assets are carried at the amount of cash that could currently be obtained by selling the asset in an orderly disposal. Liabilities are carried at their settlement values; that is, the ____________________ expected to be paid or satisfy the liabilities in the normal course of business.
https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
undiscounted amount of cash
- Realisable value: Assets are carried at the amount of cash that could currently be obtained by selling the asset in an orderly disposal. Liabilities are carried at their settlement values; that is, the undiscounted amount of cash ___________ or satisfy the liabilities in the normal course of business.
https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
expected to be paid
- Realisable value: Assets are carried at the amount of cash that could currently be obtained by selling the asset in an orderly disposal. Liabilities are carried at their settlement values; that is, the undiscounted amount of cash expected to be paid or _____________ in the normal course of business.
https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
satisfy the liabilities
- Realisable value: Assets are carried at the amount of cash that could currently be obtained by selling the asset in an orderly disposal. Liabilities are carried at their settlement values; that is, the undiscounted amount of cash expected to be paid or satisfy the liabilities _____________________.
https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
in the normal course of business
- ___________: Assets are carried at the present discounted value of the future net cash inflows that the item is expected to generate in the normal course of business. Liabilities are carried at the present discounted value of the future net cash outflows that are expected to be required to settle the liabilities in the normal course of business.
https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
Present value
- Present value: Assets are carried at the ______________ of the future net cash inflows that the item is expected to generate in the normal course of business. Liabilities are carried at the present discounted value of the future net cash outflows that are expected to be required to settle the liabilities in the normal course of business.
https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
present discounted value
- Present value: Assets are carried at the present discounted value of the _____________ that the item is expected to generate in the normal course of business. Liabilities are carried at the present discounted value of the future net cash outflows that are expected to be required to settle the liabilities in the normal course of business.
https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
of the future net cash inflows
- Present value: Assets are carried at the present discounted value of the future net cash inflows _________________ in the normal course of business. Liabilities are carried at the present discounted value of the future net cash outflows that are expected to be required to settle the liabilities in the normal course of business.
https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
that the item is expected to generate
- Present value: Assets are carried at the present discounted value of the future net cash inflows that the item is expected to generate _______________. Liabilities are carried at the present discounted value of the future net cash outflows that are expected to be required to settle the liabilities in the normal course of business.
https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
in the normal course of business
- Present value: Assets are carried at the present discounted value of the future net cash inflows that the item is expected to generate in the normal course of business. Liabilities are carried at the ______________ of the future net cash outflows that are expected to be required to settle the liabilities in the normal course of business.
https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
present discounted value
- Present value: Assets are carried at the present discounted value of the future net cash inflows that the item is expected to generate in the normal course of business. Liabilities are carried at the present discounted ____________________ that are expected to be required to settle the liabilities in the normal course of business.
https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
value of the future net cash outflows
- Present value: Assets are carried at the present discounted value of the future net cash inflows that the item is expected to generate in the normal course of business. Liabilities are carried at the present discounted value of the future net cash outflows _________________ required to settle the liabilities in the normal course of business.
https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
that are expected to be
- Present value: Assets are carried at the present discounted value of the future net cash inflows that the item is expected to generate in the normal course of business. Liabilities are carried at the present discounted value of the future net cash outflows that are expected to be ________________ in the normal course of business.
https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
required to settle the liabilities
- Present value: Assets are carried at the present discounted value of the future net cash inflows that the item is expected to generate in the normal course of business. Liabilities are carried at the present discounted value of the future net cash outflows that are expected to be required to settle the liabilities ____________________.
https: //en.wikiversity.org/wiki/Financial_Accounting/Financial_Statements/Elements
in the normal course of business
Conceptual Framework 6.4 Unlike _______________, historical cost does not reflect changes in values, except to the extent that those changes relate to impairment of an asset or a liability becoming onerous
current value
Conceptual Framework 6.4 Unlike current value, historical cost ______________________, except to the extent that those changes relate to impairment of an asset or a liability becoming onerous
does not reflect changes in values
Conceptual Framework 6.4 Unlike current value, historical cost does not reflect changes in values, except to the extent that those changes ________________ or a liability becoming onerous
relate to impairment of an asset
Conceptual Framework 6.4 Unlike current value, historical cost does not reflect changes in values, except to the extent that those changes relate to impairment of an asset ___________________
or a liability becoming onerous
Conceptual Framework 6.4 Unlike current value, historical cost does not reflect changes in values, __________________ relate to impairment of an asset or a liability becoming onerous
except to the extent that those changes
The historical cost of a liability is __________________, if applicable:
(a) fulfilment of part or all of the liability, for example, by making payments that extinguish part or all of the liability or by satisfying an obligation to deliver goods;
(b) the effect of events that increase the value of the obligation to transfer the economic resources needed to fulfil the liability to such an extent that the liability becomes onerous. A liability is onerous if the historical cost is no longer sufficient to depict the obligation to fulfil the liability; and
c) accrual of interest to reflect any financing component of the liability.
6. 9 One way to apply a historical cost measurement basis to financial assets and financial liabilities is to measure them at amortised cost. The amortised cost of a financial asset or financial liability reflects estimates of future cash flows, discounted at a rate determined at initial recognition. For variable rate instruments, the discount rate is updated to reflect changes in the variable rate. The amortised cost of a financial asset or financial liability is updated over time to depict subsequent changes, such as the accrual of interest, the impairment of a financial asset and receipts or payments.
updated over time to depict
The historical cost of a liability is updated over time to depict, if applicable:
(a) _____________________, for example, by making payments that extinguish part or all of the liability or by satisfying an obligation to deliver goods;
(b) the effect of events that increase the value of the obligation to transfer the economic resources needed to fulfil the liability to such an extent that the liability becomes onerous. A liability is onerous if the historical cost is no longer sufficient to depict the obligation to fulfil the liability; and
c) accrual of interest to reflect any financing component of the liability.
6. 9 One way to apply a historical cost measurement basis to financial assets and financial liabilities is to measure them at amortised cost. The amortised cost of a financial asset or financial liability reflects estimates of future cash flows, discounted at a rate determined at initial recognition. For variable rate instruments, the discount rate is updated to reflect changes in the variable rate. The amortised cost of a financial asset or financial liability is updated over time to depict subsequent changes, such as the accrual of interest, the impairment of a financial asset and receipts or payments.
fulfilment of part or all of the liability
The historical cost of a liability is updated over time to depict, if applicable:
(a) fulfilment of part or all of the liability, for example, by _______________________or by satisfying an obligation to deliver goods;
(b) the effect of events that increase the value of the obligation to transfer the economic resources needed to fulfil the liability to such an extent that the liability becomes onerous. A liability is onerous if the historical cost is no longer sufficient to depict the obligation to fulfil the liability; and
c) accrual of interest to reflect any financing component of the liability.
6. 9 One way to apply a historical cost measurement basis to financial assets and financial liabilities is to measure them at amortised cost. The amortised cost of a financial asset or financial liability reflects estimates of future cash flows, discounted at a rate determined at initial recognition. For variable rate instruments, the discount rate is updated to reflect changes in the variable rate. The amortised cost of a financial asset or financial liability is updated over time to depict subsequent changes, such as the accrual of interest, the impairment of a financial asset and receipts or payments.
by making payments that extinguish part or all of the liability
The historical cost of a liability is updated over time to depict, if applicable:
(a) fulfilment of part or all of the liability, for example, by making payments that extinguish part or all of the liability or _______________________;
(b) the effect of events that increase the value of the obligation to transfer the economic resources needed to fulfil the liability to such an extent that the liability becomes onerous. A liability is onerous if the historical cost is no longer sufficient to depict the obligation to fulfil the liability; and
c) accrual of interest to reflect any financing component of the liability.
6. 9 One way to apply a historical cost measurement basis to financial assets and financial liabilities is to measure them at amortised cost. The amortised cost of a financial asset or financial liability reflects estimates of future cash flows, discounted at a rate determined at initial recognition. For variable rate instruments, the discount rate is updated to reflect changes in the variable rate. The amortised cost of a financial asset or financial liability is updated over time to depict subsequent changes, such as the accrual of interest, the impairment of a financial asset and receipts or payments.
by satisfying an obligation to deliver goods
The historical cost of a liability is updated over time to depict, if applicable:
(a) fulfilment of part or all of the liability, for example, by making payments that extinguish part or all of the liability or by satisfying an obligation to deliver goods;
(b) the effect of events that increase the value of the obligation to transfer the economic resources needed to fulfil the liability to such an extent that the ________________. A liability is onerous if the historical cost is no longer sufficient to depict the obligation to fulfil the liability; and
c) accrual of interest to reflect any financing component of the liability.
6. 9 One way to apply a historical cost measurement basis to financial assets and financial liabilities is to measure them at amortised cost. The amortised cost of a financial asset or financial liability reflects estimates of future cash flows, discounted at a rate determined at initial recognition. For variable rate instruments, the discount rate is updated to reflect changes in the variable rate. The amortised cost of a financial asset or financial liability is updated over time to depict subsequent changes, such as the accrual of interest, the impairment of a financial asset and receipts or payments.
the liability becomes onerous
The historical cost of a liability is updated over time to depict, if applicable:
(a) fulfilment of part or all of the liability, for example, by making payments that extinguish part or all of the liability or by satisfying an obligation to deliver goods;
(b) the effect of events that increase the value of the obligation to transfer the economic resources needed to fulfil the liability to such an extent that the liability becomes onerous. A liability is onerous if the ______________________ to depict the obligation to fulfil the liability; and
c) accrual of interest to reflect any financing component of the liability.
6. 9 One way to apply a historical cost measurement basis to financial assets and financial liabilities is to measure them at amortised cost. The amortised cost of a financial asset or financial liability reflects estimates of future cash flows, discounted at a rate determined at initial recognition. For variable rate instruments, the discount rate is updated to reflect changes in the variable rate. The amortised cost of a financial asset or financial liability is updated over time to depict subsequent changes, such as the accrual of interest, the impairment of a financial asset and receipts or payments.
the historical cost is no longer sufficient
The historical cost of a liability is updated over time to depict, if applicable:
(a) fulfilment of part or all of the liability, for example, by making payments that extinguish part or all of the liability or by satisfying an obligation to deliver goods;
(b) the effect of events that increase the value of the obligation to transfer the economic resources needed to fulfil the liability to such an extent that the liability becomes onerous. A liability is onerous if the historical cost is no longer sufficient _________________ to fulfil the liability; and
c) accrual of interest to reflect any financing component of the liability.
6. 9 One way to apply a historical cost measurement basis to financial assets and financial liabilities is to measure them at amortised cost. The amortised cost of a financial asset or financial liability reflects estimates of future cash flows, discounted at a rate determined at initial recognition. For variable rate instruments, the discount rate is updated to reflect changes in the variable rate. The amortised cost of a financial asset or financial liability is updated over time to depict subsequent changes, such as the accrual of interest, the impairment of a financial asset and receipts or payments.
to depict the obligation
The historical cost of a liability is updated over time to depict, if applicable:
(a) fulfilment of part or all of the liability, for example, by making payments that extinguish part or all of the liability or by satisfying an obligation to deliver goods;
(b) the effect of events that increase the value of the obligation to transfer the economic resources needed to fulfil the liability to such an extent that the liability becomes onerous. A liability is onerous if the historical cost is no longer sufficient to depict the obligation to ________________; and
c) accrual of interest to reflect any financing component of the liability.
6. 9 One way to apply a historical cost measurement basis to financial assets and financial liabilities is to measure them at amortised cost. The amortised cost of a financial asset or financial liability reflects estimates of future cash flows, discounted at a rate determined at initial recognition. For variable rate instruments, the discount rate is updated to reflect changes in the variable rate. The amortised cost of a financial asset or financial liability is updated over time to depict subsequent changes, such as the accrual of interest, the impairment of a financial asset and receipts or payments.
to fulfil the liability
The historical cost of a liability is updated over time to depict, if applicable:
(a) fulfilment of part or all of the liability, for example, by making payments that extinguish part or all of the liability or by satisfying an obligation to deliver goods;
(b) the effect of events that increase the value of the obligation to transfer the economic resources needed to fulfil the liability to such an extent that the liability becomes onerous. A liability is onerous if the historical cost is no longer sufficient to depict the obligation to fulfil the liability; and
c) accrual of interest to reflect any financing component of the liability.
6. 9 One way to apply a historical cost measurement basis to financial assets and financial liabilities is to measure them at ______________. The amortised cost of a financial asset or financial liability reflects estimates of future cash flows, discounted at a rate determined at initial recognition. For variable rate instruments, the discount rate is updated to reflect changes in the variable rate. The amortised cost of a financial asset or financial liability is updated over time to depict subsequent changes, such as the accrual of interest, the impairment of a financial asset and receipts or payments.
amortised cost
The historical cost of a liability is updated over time to depict, if applicable:
(a) fulfilment of part or all of the liability, for example, by making payments that extinguish part or all of the liability or by satisfying an obligation to deliver goods;
(b) the effect of events that increase the value of the obligation to transfer the economic resources needed to fulfil the liability to such an extent that the liability becomes onerous. A liability is onerous if the historical cost is no longer sufficient to depict the obligation to fulfil the liability; and
c) accrual of interest to reflect any financing component of the liability.
6. 9 One way to apply a historical cost measurement basis to financial assets and financial liabilities is to measure them at amortised cost. The amortised cost of a financial asset or financial liability reflects _________________, discounted at a rate determined at initial recognition. For variable rate instruments, the discount rate is updated to reflect changes in the variable rate. The amortised cost of a financial asset or financial liability is updated over time to depict subsequent changes, such as the accrual of interest, the impairment of a financial asset and receipts or payments.
estimates of future cash flows
The historical cost of a liability is updated over time to depict, if applicable:
(a) fulfilment of part or all of the liability, for example, by making payments that extinguish part or all of the liability or by satisfying an obligation to deliver goods;
(b) the effect of events that increase the value of the obligation to transfer the economic resources needed to fulfil the liability to such an extent that the liability becomes onerous. A liability is onerous if the historical cost is no longer sufficient to depict the obligation to fulfil the liability; and
c) accrual of interest to reflect any financing component of the liability.
6. 9 One way to apply a historical cost measurement basis to financial assets and financial liabilities is to measure them at amortised cost. The amortised cost of a financial asset or financial liability reflects estimates of future cash flows, _______________________. For variable rate instruments, the discount rate is updated to reflect changes in the variable rate. The amortised cost of a financial asset or financial liability is updated over time to depict subsequent changes, such as the accrual of interest, the impairment of a financial asset and receipts or payments.
discounted at a rate determined at initial recognition
The historical cost of a liability is updated over time to depict, if applicable:
(a) fulfilment of part or all of the liability, for example, by making payments that extinguish part or all of the liability or by satisfying an obligation to deliver goods;
(b) the effect of events that increase the value of the obligation to transfer the economic resources needed to fulfil the liability to such an extent that the liability becomes onerous. A liability is onerous if the historical cost is no longer sufficient to depict the obligation to fulfil the liability; and
c) accrual of interest to reflect any financing component of the liability.
6. 9 One way to apply a historical cost measurement basis to financial assets and financial liabilities is to measure them at amortised cost. The amortised cost of a financial asset or financial liability reflects estimates of future cash flows, discounted at a rate determined at initial recognition. For variable rate instruments, the discount rate is updated to reflect changes in the variable rate. The amortised cost of a financial asset or financial liability is updated over time to depict subsequent changes, such as the __________________, the impairment of a financial asset and receipts or payments.
the accrual of interest
The historical cost of a liability is updated over time to depict, if applicable:
(a) fulfilment of part or all of the liability, for example, by making payments that extinguish part or all of the liability or by satisfying an obligation to deliver goods;
(b) the effect of events that increase the value of the obligation to transfer the economic resources needed to fulfil the liability to such an extent that the liability becomes onerous. A liability is onerous if the historical cost is no longer sufficient to depict the obligation to fulfil the liability; and
c) accrual of interest to reflect any financing component of the liability.
6. 9 One way to apply a historical cost measurement basis to financial assets and financial liabilities is to measure them at amortised cost. The amortised cost of a financial asset or financial liability reflects estimates of future cash flows, discounted at a rate determined at initial recognition. For variable rate instruments, the discount rate is updated to reflect changes in the variable rate. The amortised cost of a financial asset or financial liability is updated over time to depict subsequent changes, such as the accrual of interest, _________________ and receipts or payments.
the impairment of a financial asset
The historical cost of a liability is updated over time to depict, if applicable:
(a) fulfilment of part or all of the liability, for example, by making payments that extinguish part or all of the liability or by satisfying an obligation to deliver goods;
(b) the effect of events that increase the value of the obligation to transfer the economic resources needed to fulfil the liability to such an extent that the liability becomes onerous. A liability is onerous if the historical cost is no longer sufficient to depict the obligation to fulfil the liability; and
c) accrual of interest to reflect any financing component of the liability.
6. 9 One way to apply a historical cost measurement basis to financial assets and financial liabilities is to measure them at amortised cost. The amortised cost of a financial asset or financial liability reflects estimates of future cash flows, discounted at a rate determined at initial recognition. For variable rate instruments, the discount rate is updated to reflect changes in the variable rate. The amortised cost of a financial asset or financial liability is updated over time to depict subsequent changes, such as the accrual of interest, the impairment of a financial asset and ______________.
receipts or payments.
The historical cost of a liability is _____________ to depict, if applicable:
(a) fulfilment of part or all of a liability . . .
(b) a liability becoming onerous . . .
updated over time
The historical cost of a liability is updated over time _______, if applicable:
(a) fulfillment of part or all of a liability . . .
(b) a liability becoming onerous . . .
to depict
The historical cost of a liability is upd______ ov__ ti__ to dep____, if applicable:
(a) fulfilment of part or all of a liability . . .
(b) a liability becoming onerous . . .
updated over time to depict
The historical cost of a liability is ____ated __er __me to ___pict, if applicable:
(a) fulfilment of part or all of a liability . . .
(b) a liability becoming onerous . . .
updated over time to depict
