Financial Instruments Flashcards Preview

ACCT3321: Financial Accounting-Theory and Practice > Financial Instruments > Flashcards

Flashcards in Financial Instruments Deck (5)
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1
Q

What is the standard

A

AASB 132

2
Q

Financial instrument

A

is any contract that gives rise to a financial asset of one entity and a financial liability or equity enstrument of another entity (2 sided party)

3
Q

Financial asset

A

defined from the holders perspective

4
Q

Financial liabilities

A

defiend from the issuesr’s perspective

5
Q

Equity instrument

A

contract that results in the entity retaining a residual interest in assets after deducing liabilities