Assets are initially measured and reported on the statement of financial position at their current market value at the date of the statement of financial position.

Question

Quizplus · Accepted Answer

Assets are initially measured and reported on the statement of financial position at their historical cost, not their current market value. However, certain assets such as investments in securities and derivative instruments may be classified as fair value through profit or loss and reported at their current market value on the statement of financial position.

Assets Are Initially Measured and Reported on the Statement of Financial