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Provides that an entity shall recognize a financial asset

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Reference no: EM132772416

Problem 1: Goodwill arising from acquisition of Investment in Associate shall

a. be recognized separately from the Investment in Associate Account

b. be amortized over a maximum period of ten years

c. be recognized as a noncurrent asset

d. not be recognized

Problem 2: PFRS 9, provides that an entity shall recognize a financial asset or a financial liability in its statement of financial position when, and only when,

a. It is probable that future economic benefits will flow to the entity and the

cost can be measured reliably.

b. The entity becomes a party to the contractual provisions of the instrument.

c. There is reasonable possibility that the entity will comply with the

conditions of the grant.

d. The entity receives the proceeds or return from the instrument.

Reference no: EM132772416

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