Summary of PAS for Receivables

SUMMARY OF PAS FOR RECEIVABLES DEFINITION: An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Recognition: Measurement: a. Receivables measured at fair value with changes in fair value reported in earnings b. Receivables measured at lower of cost or fair value c. Except for credit card receivables, trade accounts receivable that have both of the following characteristics: 1. They have a contractual maturity of one year or less 2. They arose from the sale of goods or services. Valuation: Balance Sheet Classification: Presentation: Disclosures: Specific Concerns: