IFRS 9 vs IAS 37

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March 1, 2018 at 9:35 am #439504
adolf121
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Hello P2-D2!!!

If an entity has an obligation to pay an unconfirmed amount to a customer from a legal claim, why do we treat and recognize this liability under IAS 37 rather than IFRS 9?

We have an obligation to deliver cash (although it is uncertain) and the party has a right to receive it. So why cant we measure this under the FV of IFRS 9?
March 4, 2018 at 8:24 pm #440194
P2-D2
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Hi,

It is because IFRS 9 states that it is outside it scope and so we use IAS 37.

Thanks
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