The following asset is not considered a financial asset under both GAAP and IFRS

Question

Quizplus · Accepted Answer

Inventories are not considered financial assets under both GAAP and IFRS. They are classified as non-financial assets or inventory assets, and are recorded at cost, net realizable value or lower of cost or net realizable value, depending on the accounting standard being used. Held-for-collection securities, equity securities, and trading securities, on the other hand, are all classified as financial assets under both GAAP and IFRS.

The Following Asset Is Not Considered a Financial Asset Under