What is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity?a.Financial Instrumentsb.Financial Instruments: Recognition and Measurementc.Financial Instruments: Disclosuresd.Financial Instruments: Presentation

What is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity?

A financial instrument is any contract that gives rise toGroup of answer choicesA financial assetA financial liabilityA financial asset of one entity and financial liability of another entityA financial asset of one entity and financial liability or equity instrument of another entity

An accounting instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.Select one:TrueFalse

As an exception to the general definition of a _____________, an instrument that meets the definition of a financial liability is nevertheless classified as an equity instrument if it has all the features and meets the conditions in paragraphs 16A and 16B.

A financial asset is recognised whenAnswer : risks and rewards are transferred  it is probable that future economic benefits will flow to the entity and the cost of the instrument can be measured reliably   control is obtained   the entity becomes a party to a contractual provision of the instrument