Loans and receivables can be classified and accounted for as available-for-sale under $\begin{array}{lll}
& \text {IFRS} & \text {GAAP}\
\text { I. } & \text { yes } & \text { yes } \
\text { II. } & \text { yes } & \text { no } \
\text { III. } & \text { no } & \text { yes } \
\text { IV. } & \text { no } & \text { no }
\end{array}$

Question

Loans and receivables can be classified and accounted for as available-for-sale under $\begin{array}{lll}
 & \text {IFRS} & \text {GAAP}\
\text { I. } & \text { yes } & \text { yes } \
\text { II. } & \text { yes } & \text { no } \
\text { III. } & \text { no } & \text { yes } \
\text { IV. } & \text { no } & \text { no }
\end{array}$

Quizplus · Accepted Answer

Loans and receivables cannot be classified as available-for-sale. Available-for-sale is used for investments in equity or debt securities that are not held for trading or held-to-maturity. Therefore, only option II is correct.

Loans and Receivables Can Be Classified and Accounted for as Available-For-Sale