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Basic Question 1 of 7

A company has receivables resulting from trades with a client. The client has already filed a petition for insolvency. According to IFRS, the receivables ______ be recognized on the balance sheet.

A. should
B. should not

User Contributed Comments 4

User Comment
johntan1979 Going concern principle
Shaan23 What about US GAAP? What happens there?
Freddie33 Impairment loss? What's that?
walterli Allowance for bad debts
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I used your notes and passed ... highly recommended!


Learning Outcome Statements

describe the International Accounting Standards Board's conceptual framework, including qualitative characteristics of financial reports, constraints on financial reports, and required reporting elements;

CFA® 2024 Level I Curriculum, Volume 2, Module 17.