Under IFRS, how are monetary assets and liabilities defined?
A)Cash and assets and liabilities that are to be received or paid in a fixed or determinable amount of currency
B)Current assets and liabilities that are to be received or paid in a fixed or determinable amount of currency
C)Cash and long-term assets and liabilities that are to be received or paid in a fixed or determinable amount of currency
D)Long-term assets and liabilities that are to be received or paid in a fixed or determinable amount of currency

Question

Quizplus · Accepted Answer

Monetary assets and liabilities under IFRS are defined as cash and assets and liabilities that are to be received or paid in a fixed or determinable amount of currency. This includes items such as accounts receivable, accounts payable, and loans payable. The key characteristic is that the amount to be received or paid is fixed or determinable, meaning that it is known with certainty or can be reliably estimated.

Under IFRS, How Are Monetary Assets and Liabilities Defined