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(Solution Download) IFRS7-3. On December 31, 2014, Firth Company borrowed $62,092 from Paris Bank, signing a 5-year, $10


 

 

 

 

 

 

 

 

IFRS7-3.  

 

On December 31, 2014, Firth Company borrowed $62,092 from Paris

 

Bank, signing a 5-year, $100,000 zero-interest-rate note. The note

 

was issued to yield 10% interest. Unfortunately, during 2016, Firth

 

began to experience financial difficulty. As a result, at December

 

31, 2016, Paris Bank determined that it was probable that it would

 

collect only $75,000 at maturity. The market rate of interest on

 

loans of this nature is now 11%.

 

Instructions

 

 

 

 

 

 

 

 

 

(a)  

 

Prepare the entry (if any) to record the impairment of the loan

 

on December 31, 2016, by Paris Bank.

 

 

 

 

 

 

 

 

 

 

(b)  

 

Prepare the entry on March 31, 2017, if Paris learns that Firth

 

will be able to repay the loan under the original terms.

 

 

 

Professional Research

 

 

 

 

 

 

 

 

 

IFRS7-4.  

 

As the new staff person in your company's treasury department,

 

you have been asked to conduct research related to a proposed

 

transfer of receivables. Your supervisor wants the authoritative

 

sources for the following items that are discussed in the

 

receivables transfer agreement.

 

Instructions

 

Access the IFRS authoritative literature at the IASB website

 

(http://eIFRS.iasb.org/). (Click on the IFRS tab and then

 

register for free eIFRS access if necessary.) When you have

 

accessed the documents, you can use the search tool in your

 

Internet browser to prepare responses to the following items.

 

 

 

 

 

 

 

 

 

(a)  

 

Identify relevant IFRSs that address transfers of

 

receivables.

 

 

 

 

 

 

 

 

 

 

(b)  

 

What are the objectives for reporting transfers of

 

receivables?

 

 

 

 

 

 

 

 

 

 

(c)  

 

Provide the definition for Ac?A?Amortized cost.

 

 

 

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