Assertion: debt instrument | /r/HasProperty | specified in the contract
Facets:
Source sentences:
text: Derecognition of a financial liability is appropriate when the obligation specified in the contract has been extinguished; that is, it is discharged, cancelled, or expires.
text: A financial liability should be removed from the balance sheet when, and only when, it is extinguished, that is, when the obligation specified in the contract is either discharged or cancelled or expires.
text: Section 11 provides detailed guidance on when to derecognise a liability and in section 11.36 it states that it should only be derecognised when the obligations specified in the contract are discharged, settled or expired.