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Dear All,
My question relates to IFRS 9 and trade payables:
Does late payment interest fee needs to be calculated on trade payables?
If yes, what are the rules for this?thanks and kind regards,
MiklosHi Miklos,
Interest would only be applied if it was specifically in the terms and conditions of the agreement between buyer and seller. If there was interest then it would be treated under amortised cost as it is a financial liability and it is not traded.
Thanks
Thank you so much P2-D2 for your help! Could you please help me an article, or the standard, where I can read about this in more detail?
And the other question I have if if is the same for trade receivables.
thanks a lot in advance for your help!!@xmiki said:
Thank you so much P2-D2 for your help! Could you please help me an article, or the standard, where I can read about this in more detail?You could try the study text of your chosen tuition provider or visit the IASB website. The IAS Plus website is useful too.
@xmiki said:
And the other question I have if if is the same for trade receivables.
thanks a lot in advance for your help!!Yes, receivables are treated using amortised cost.
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