IFRS treatment for Trade payables?

asked Nov 24, 2012 in IAS 39 - Financial Instruments: Recognition and Measurement by AndyK Level 2 Member (3.9k points)
recategorized Jan 14, 2013 by Visio

What is the IFRS treatment for Trade payables? Are they financial liabilities? Can I state at cost or discounted values?

trade-payables

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answered Nov 25, 2012 by Hameez Level 1 Member (2.1k points)
selected Jan 27, 2013 by Visio

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Trade payables are financial liabilities and classified as other financial liabilities.Initially they are measured at fair value plus transaction cost. Usually the transaction price may be the initial fair value of the creditor. Subsequently they are measured at amortized cost using the effective interest rate method.

IFRS treatment for Trade payables?

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