Under IFRS it is possible for a payable to be recorded as an asset.

Name: Under IFRS it is possible for a payable to be recorded as an asset.
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Under IFRS, a payable is considered a financial liability, not an asset. Assets are resources controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity, while payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Under IFRS It Is Possible for a Payable to Be