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    Summary of PAS For Receivables

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    Justine Ann Villegas
    This document defines receivables as debts, transactions, or monetary obligations owed to a company. It discusses how receivables should be measured at fair value with changes reported in earnings or at the lower of cost or fair value. Receivables with maturities of one year or less that arose from sales are presented as current assets.

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    Summary of PAS For Receivables

    Uploaded by

    Justine Ann Villegas
    447 views1 page
    This document defines receivables as debts, transactions, or monetary obligations owed to a company. It discusses how receivables should be measured at fair value with changes reported in earnings or at the lower of cost or fair value. Receivables with maturities of one year or less that arose from sales are presented as current assets.

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    Summary of PAS for Receivables

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    Summary of PAS for Receivables

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    This document defines receivables as debts, transactions, or monetary obligations owed to a company. It discusses how receivables should be measured at fair value with changes reported in earnings or at the lower of cost or fair value. Receivables with maturities of one year or less that arose from sales are presented as current assets.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    447 views1 page

    Summary of PAS For Receivables

    Uploaded by

    Justine Ann Villegas
    This document defines receivables as debts, transactions, or monetary obligations owed to a company. It discusses how receivables should be measured at fair value with changes reported in earnings or at the lower of cost or fair value. Receivables with maturities of one year or less that arose from sales are presented as current assets.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    of 1

    SUMMARY OF PAS FOR RECEIVABLES

    DEFINITION:
    An asset designation applicable to all debts, unsettled transactions or
    other monetary obligations owed to a company by its debtors or customers.
    Recognition:
    Measurement:
    a. Receivables measured at fair value with changes in fair value reported in
    earnings
    b. Receivables measured at lower of cost or fair value c. Except for credit card
    receivables, trade accounts receivable that have both of the following
    characteristics:
    1. They have a contractual maturity of one year or less
    2. They arose from the sale of goods or services.
    Valuation:
    Balance Sheet Classification:
    Presentation:
    Disclosures:
    Specific Concerns:

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