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Q. Financial assets should initially be measured at: A.1)Cost < Fair value 2) Cost> Fair Value 3) Cost = Fair Value 4) None

Financial Accounting
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Question added by lakshminarasimham mallareddi , Manager Finance & Accounts , M/s. Vandana Global Limited, Raipur, Chhattisgarh
Date Posted: 2015/04/21
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Muhammad Rehan Tahir ACCA
by Muhammad Rehan Tahir ACCA , Treasury Manager , Farouk, Maamoun Tamer & Company

At initial recognition, an entity shall measure a financial asset at its fair value.

An entity shall recognize a financial asset in its statement of financial position when, and only when, the entity becomes party to the contractual provisions of the instrument.

 

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