1.

Under IAS 39, Financial Instruments, which of the following terms describes the removal of a financial asset or liability from the balance sheet when certain appropriate criteria have been met?

Multiple Choice

Derecognition

Extinguishment

Decoupling

Reversal

2.

Under IFRS 9, under what circumstances will derecognition of a financial liability occur?

Multiple Choice

When the obligation has expired

When the obligation has been discharged

When the obligation has been canceled

All of the above