Which of the following statements are true?
I.The initial measurement of financial assets is to be at fair value.
II.The initial measurement of financial liabilities is to be at present value.
III.The initial measurement of financial liabilities is to be at fair value.
IV.The subsequent measurement of financial assets and financial liabilities will be at fair value.
V.The subsequent measurement of financial assets and financial liabilities will be dependent upon the category to which the financial instrument belongs.
A) I, II and V
B) I, II and IV
C) I, III and IV
D) I, III and V

Question

Quizplus · Accepted Answer

I and III are true because both financial assets and financial liabilities are initially measured at fair value according to International Financial Reporting Standards (IFRS). V is true because the subsequent measurement of financial assets and financial liabilities depends on their classification (e.g., at fair value through profit or loss, at amortized cost, etc.).

Which of the Following Statements Are True