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Unformatted text preview: he t ime you f inish your work on t his module, you should be able t o:
Def ine liabilit ies.
Dif f erent iat e bet ween f inanc ial and non- f inanc ial liabilit ies.
Def ine various c urrent liabilit ies.
Ident if y various c urrent liabilit ies.
Desc ribe t he valuat ion met hod f or c urrent liabilit ies.
Explain t he measuring and rec ording of liabilit ies.
Def ine an asset ret irement obligat ion.
Ident if y t he ac c ount ing and report ing requirement s f or c ont ingent liabilit ies.
Compare IF RS and GAAP.
F ile: Topic 1: F inancial Liabilities: Recognition and Measurement
Mo dule 1: No n- F ina nc ia l a nd... T opic 1: Financial Liabilities: Recognition and Measurement
https://blackboar d.tr u.ca/webct/ur w/lc5122001.tp0/cobaltM ainFr ame.dowebct 2/6 8/27/13 Blackboar d Lear ning System It is import ant t o dist inguish bet ween f inanc ial and non- f inanc ial liabilit ies in order t o c at egorize
t he c lassif ic at ion and measurement s.
F ollowing are some of t he major financial liabilities c overed in t his module:
1. Bank indebt edness and...
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- Spring '13