Answer:
Yes,they can make the contract to buy/sell contingent on the result of an environmental impact report
Explanation:
Being cautious of the welfare of the local community is an example of ethical consideration in business in some countries,while it is a legal and ethical consideration in some other countries, especially the advanced nations of the world.
Little wonders how the cleanup of the contamination caused by BP in 2010 cost the company about $65 billion in restoration and clean up,legal fees as well as settlements paid to affected parties.
Businesses must as point of duty have regard for environmental impact and footprints
According to the truth in lending, Act bank is not obliged to inform about methods of calculating Interest, thus the correct answer is B.
The bank is referred to as a financial institution that helps in depositing and borrowing funds with the purpose of investment and future saving. They help individuals to manage their wealth by offering various plans and schemes.
Truth in Lending Act safeguards from credit invoicing and unfair practices related to a credit card. it also provides information on loan costs to the lender. It encourages consumer to compare loans and credit cards from other companies.
Therefore, option B calculating the interest method is the appropriate answer.
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Answer:
The market analyst is requesting you to perform a formal research.
Explanation:
Formal research is a research style used by researchers (and students) that uses a very formal structure in order to carry out a scientific research (or very similar type). Formal research obtains and analyzes data in a controlled and systematic manner, that tries to avoid subjective bias and focuses on objective information.
Note: Use IFRS 9 as the IFRS source.
Answer:
Financial assets are instruments that represent a claim to the economic benefits of an entity. They can be categorized into various classes based on their nature and purpose. Two common categories of financial assets are "passive investments" and "loans and receivables." I'll explain each category and their measurement under both IFRS (using IFRS 9) and ASPE (Accounting Standards for Private Enterprises).
1. Passive Investments:
Passive investments are financial assets that an entity holds to earn returns on the investment, such as dividends, interest, or capital appreciation. They are typically acquired with the intent of holding them for the long term rather than actively trading them.
Measurement under IFRS 9:
Under IFRS 9, passive investments are classified into two main categories:
a. Fair Value Through Other Comprehensive Income (FVOCI): Passive investments can be designated at initial recognition to be measured at fair value through other comprehensive income. Changes in fair value are recognized in other comprehensive income, and only accumulated gains or losses are recognized in the income statement upon derecognition or impairment.
b. Fair Value Through Profit or Loss (FVTPL): Alternatively, entities can choose to measure passive investments at fair value through profit or loss. Changes in fair value are recognized directly in the income statement.
Measurement under ASPE:
Under ASPE, the equivalent category to FVOCI is "Available-for-sale financial assets," and the equivalent to FVTPL is "Fair value through profit or loss." The measurement and recognition principles are generally similar to IFRS, with some differences in terminologies and specific requirements.
2. Loans and Receivables:
Loans and receivables are financial assets that involve contractual rights to receive cash or another financial asset from another entity. They arise from lending money, providing goods or services on credit, or holding accounts receivable.
Measurement under IFRS 9:
Under IFRS 9, loans and receivables are initially measured at their transaction price, which usually includes transaction costs. Subsequently, they are measured at amortized cost using the effective interest rate method, unless they are determined to be impaired.
Measurement under ASPE:
ASPE has a category called "Loans and receivables," which is similar to IFRS's classification. Loans and receivables under ASPE are also initially measured at the transaction price, including transaction costs, and subsequently measured at amortized cost using the effective interest rate method, unless they are impaired.
It's important to note that while both IFRS and ASPE have similarities in the classification and measurement of financial assets, there might be some differences in terminology, presentation, and specific requirements. Additionally, the standards and their interpretations may change over time, so it's crucial to refer to the most up-to-date versions of IFRS 9 and ASPE for accurate information.
Explanation:
Final answer:
The different categories of financial assets under IFRS and ASPE are financial assets at fair value through profit or loss, financial assets at amortized cost, and financial assets at fair value through other comprehensive income.
Explanation:
Financial assets are resources that hold monetary value and can be classified into different categories based on their characteristics and purpose. Under International Financial Reporting Standards (IFRS) and Accounting Standards for Private Enterprises (ASPE), financial assets are categorized into three main groups: financial assets at fair value through profit or loss, financial assets at amortized cost, and financial assets at fair value through other comprehensive income.
Financial assets at fair value through profit or loss: These assets are held for trading purposes or are designated as such by the entity. They are measured at fair value, with changes in fair value recognized in profit or loss. Financial assets at amortized cost: These assets are held to collect contractual cash flows and are measured at amortized cost using the effective interest method. They include loans, receivables, and held-to-maturity investments.
Financial assets at fair value through other comprehensive income: These assets are neither held for trading nor held to collect contractual cash flows. They are measured at fair value, with changes in fair value recognized in other comprehensive income.
Under IFRS, the measurement of financial assets is primarily based on their classification. IFRS 9 provides guidance on the classification, measurement, and impairment of financial assets. ASPE, on the other hand, follows a similar approach to IFRS but with some differences in terminology and specific requirements.
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