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As per IAS 3 7 Provisions, Contingent Liabilities and Contingent Assets a liability has three key elements: 1 . it is a present obligation; 2
As per IAS Provisions, Contingent Liabilities and Contingent Assets a liability has three key elements:
it is a present obligation;
arising from a past event; and
expected to result in an outflow of economic benefits.
How does trade AP meet the criteria above?
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Financial and Managerial Accounting the basis for business decisions
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
18th edition
125969240X, 978-1259692406
