Describe the key issue for determining the existence of a financial asset or financial liability.How does 'exchanging financial assets or financial liabilities with another entity under conditions that are potentially favourable or potentially unfavourable' help determine the classification of an instrument as an asset or liability?

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The Answer of Describe the key issue for determining the existence of a financial asset or financial liability.How does 'exchanging financial assets or financial liabilities with another entity under conditions that are potentially favourable or potentially unfavourable' help determine the classification of an instrument as an asset or liability?

Describe the Key Issue for Determining the Existence of a Financial