What is Designation Of Financial Assets Or Liabilities Of IFRS Standards 1

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What is Designation Of Financial Assets Or Liabilities Of IFRS Standards 1

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Princy asked over 3 years ago

IFRS IFRS & ACCA Designation Financial Assets Liabilities IFRS Standards 1

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PRACHEETI · Answer 1 · 2017-08-28 00:00:00 UTC

An entity is permitted to designate a previously recognised financial asset as a financial asset measured at fair value through profit or loss in accordance with paragraph . The entity shall disclose the fair value of financial assets so designated at the date of designation and their classification and carrying amount in the previous financial statements.

An entity is permitted to designate a previously recognised financial liability as a financial liability at fair value through profit or loss in accordance with paragraph . The entity shall disclose the fair value of financial liabilities so designated at the date of designation and their classification and carrying amount in the previous financial statements.

To know more about IFRS please read the following article -> IFRS Details

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