Under IFRS 9,an Entity Is Required to Recognise a Financial

question 31

True/False

Under IFRS 9,an entity is required to recognise a financial asset or liability on its statement of financial position when,and only when,it becomes a party to the contractual provisions of the instrument.

---

Definitions:

Wholesalers

Businesses that buy goods in bulk from manufacturers to resell them, typically to retailers, in smaller quantities.

Retail List Price

The price at which a product is sold to the public, suggested by the retailer.

Cash Discount

A reduction in price offered to a buyer for paying their invoice before a specified date.

Reduction

The process of decreasing the amount, size, or intensity of something.