LC in the Financial Position

ChristoRoyerChristoRoyer
in CIA.IFRS17-1

In the text book, it says that the LC is recognized in the Position Statement as an LRC. Does the Position Statement refers to 20.12 in PC? If so, where is it accounted for? I suppose this is a Liability so is it simply hidden in Line 30 as an "Other Liability"? I guess not, but could you give more detail about the LRC in the Position Statement?
Thank you!

Comments

  • Staff-T1Staff-T1

    I believe it is on page 20.14

  • AndrewLAndrewL

    We either record it as part of LRC in the SOFP or as expense in the Statement of Financial performance (This is Income Statement?) right?

    It would not make sense to expense it and add it as liability.

  • Staff-T1Staff-T1
    Yeap that's right
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