Cash, evidence of an ownership interest in an equity, or a contract that is both:
- a (recognized or unrecognized) contractual right of one entity to (1) receive cash or another financial instrument from another entity or (2) exchange other financial instruments on potentially favorable terms with another entity. *
- a (recognized or unrecognized) contractual obligation of another entity to (1) deliver cash or another financial instrument to another entity or (2) exchange financial instruments on potentially unfavorable terms with another entity. (From a Financial Accounting Standards Board exposure draft.)
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