AFM391 Study Guide - Midterm Guide: Issued Shares, Book Value, Share Capital

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Initially measured at fair value: non-financial liabilities. Aspe: no specific measurement standards (measurement varies based on nature of liability) Ifrs: measured at best estimate of payment that would be required to settle the obligation at the date of the statement of financial position, usually at present value. Taxes payable / goods and services tax: gst payable: amount collected on eligible sales, gst recoverable: gst paid on eligible purchases, some provinces charge harmonized sales tax (hst) which is accounted for in the same way as gst. Employee-related liabilities: employee-related liabilities include the following, salaries or wages owed to employees at end of the accounting period, payroll deductions owed to cra and others, short-term compensated absences, profit-sharing and bonuses, payroll deductions. Statutory (mandatory) deductions include: canada (quebec) pension plan [cpp/qpp, employment insurance (ei) Insurance premiums: union dues, until these deductions are remitted to the government or other entity, they are reported as current liabilities. Short-term compensated absences: there are two main types:

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