Question

IAS 32 defines a financial instrument as: any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. a recognized stock exchange. the currency of a foreign country in which the enterprise does business. a certified check.

Answer 1

Answer:

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

Explanation:

IFRS is an acronym for International Financial Reporting Standards, it comprises of a set of accounting standards or rules issued by the International Accounting Standards Board (IASB). The International Financial Reporting Standards ensures that statement of income, when reported by accountants is consistent, transparent and comparable globall

IAS 32 defines a financial instrument as any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.