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  • Friedlan4e KC9 1

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    According to IFRS, a liability is an obligation arising from past transactions or economic events that will require the use of economic resources to settle. A current liability is an obligation that will be settled within one year or operating cycle. Stakeholders are interested in current liabilities because it provides information about a company's short-term liquidity. Amounts owing to employees, such as unpaid wages, are considered liabilities as they result from past work performed by employees which will require economic resources to pay.

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    According to IFRS, a liability is an obligation arising from past transactions or economic events that will require the use of economic resources to settle. A current liability is an obligation that will be settled within one year or operating cycle. Stakeholders are interested in current liabilities because it provides information about a company's short-term liquidity. Amounts owing to employees, such as unpaid wages, are considered liabilities as they result from past work performed by employees which will require economic resources to pay.

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    Friedlan4e KC9 1

    Transféré par

    ways
    According to IFRS, a liability is an obligation arising from past transactions or economic events that will require the use of economic resources to settle. A current liability is an obligation that will be settled within one year or operating cycle. Stakeholders are interested in current liabilities because it provides information about a company's short-term liquidity. Amounts owing to employees, such as unpaid wages, are considered liabilities as they result from past work performed by employees which will require economic resources to pay.

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    sur 1

    KNOWLEDGE CHECK 9.

    According to IFRS, what is the definition of a liability?

    According to IFRS liabilities are obligations arising from past transactions or


    economic events that require the sacrifice of economic resources to settle.

    What is a current liability? Why might stakeholders want to know the amount of
    current liabilities?

    Current liabilities are obligations that will be satisfied in one year or one
    operating cycle. Information about current obligations is important for assessing
    the short-term liquidity of an entity.

    Explain why amounts owing to employees should be considered a liability.

    Amounts owing to employees are liabilities because they are the result of past
    transactions (the employees worked) and the sacrifice of economic resources will
    be required to settle them (the employees will have to be paid in cash).

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