IFRS Identifies a Number of Criteria to Determine Whether a Liability

question 71

Essay

IFRS identifies a number of criteria to determine whether a liability should be classified as current.A liability that satisfies any one of these criteria must be classified as current.For the following list of criteria,identify whether each one is relevant for the classification of a liability as current instead of non-current.

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Definitions:

Automatic Processing

Unconscious encoding of incidental information, such as space, time, and frequency, and of well-learned information, such as word meanings.

Conscious Awareness

The state of being aware of and able to think about one's own existence, sensations, thoughts, and environment.

Iconic Memory

A momentary sensory memory of visual stimuli; a photographic or picture-image memory lasting no more than a few tenths of a second.

Encoding

The process of converting information into a form that can be stored in memory.