AC2101 S1 2014 Seminar 11 Financial Liability (Anil).pptx

Non nancial liabilities liabilities other than

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Unformatted text preview: a right to use an asset, rendering services, or standing ready to make a payment on the occurrence of a future event that is outside the entity’s control 5 Liabilities 1.  Financial liabilities §༊  Is any liability that is §༊  a contractual obligation §༊  to deliver cash or another financial asset to another entity, or §༊  to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavorable to the entity, or §༊  a contract that will or may be settled in the entity’s own equity instruments §༊  For full definition, see FRS 32:11 & Appendix 2.  Non- financial liabilities §༊  Liabilities other than finan...
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