Under international accounting standards, the derecognition of receivables requires that
a. the risks and rewards associated with the cash flows from the financial asset pass from the transferor to the transferee.
b. a binding legal agreement must exist between the transferor and the transferee.
c. economic ownership of the asset passes from the transferor to the transferee.
d. the receivable is determined to be fully collectible.
A
You might also like to view...
Which statement is true?
a. ERPs are infinitely scalable. b. Performance problems usually stem from technical problems, not business process reengineering. c. The better ERP can handle any problems an organization can have. d. ERP systems can be modified using bolt-on software.
Describe what an agenda is in regard to a meeting plan.
What will be an ideal response?
Pull & Co reported net income for the current year. Which of the following business transactions would cause cash from operating activities to be higher than the amount of net income?
A) Cash dividends were paid to stockholders during the year. B) Depreciation expense was recorded for the year. C) A bank loan was repaid during the year. D) Equipment was purchased for cash during the year.
What are common characteristics of the time before a change?
a. Uncertainty, rumors, and anxiety b. Clear understanding of what’s coming and how it will impact employees c. Widespread excitement and acceptance of the change d. Shock, depression, and bargaining