Classification & Measurement
This classification or measurement is used when a debt instrument fails the SPPI test
What is Fair Value through Profit or Loss?
This model requires recognizing credit losses before an actual default happens
What is Expected Credit Loss model?
When an entity changes its business model for managing financial assets, PFRS 9 requires this action to be applied prospectively
What is Reclassification?
FVTPL, FVOCI, Amortized Cost
What are classifications of financial assets?
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What is Krl Patrol?
This measurement category is used for debt instruments held to collect contractual cash flows only, if they pass the SPPI test
What is Amortized Cost?
This PFRS 9 impairment method uses a 3-stage model, moving from 12-month ECL to lifetime ECL as credit risk worsens
What is General Approach?
This is the removal of a previously recognized financial asset or liability from an entity's statement of financial position
What is Derecognition?
Identifying, Measuring, Communicating
What is Accounting?
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Who is Chloe Fajutnao?
This is one of the two basis of classification used to check if a debt instrument's cash flows are solely principal and interest
What is Contractual Cash Flow Characteristic or SPPI test?
This account is used to record expected credit losses on financial assets that are within the scope of the impairment requirements of PFRS 9
What is Loss Allowance?
This happens when contractual rights to cash flows from a financial asset are collected, cancelled, or, when they become uncollectible because of loss events
What is expire?
Balance Sheet, Income Statement, Statement of Cash Flows
What are Financial Statements?
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What is Human Bingo?
This is the incremental cost that is directly attributable to a financial asset which is added to the fair value at initial measurement
What is transaction costs?
This practical shortcut, often using a provision matrix, is required for simple trade receivables
What is Simple Approach?
This type of financial assets is excluded from the reclassification rules entirely as the classification choice made for them at initial recognition is irrevocable
What is Equity Instruments?
Franc, Naira, Quetzal
What are currencies?
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What is Hello Kitty Pen?
For a financial asset measured at amortized cost using the effective interest method, fair value changes between reporting dates are
What is "not recognized"?
Once a financial asset becomes credit-impaired, interest revenue is calculated by applying the effective interest rate to this amount instead of the gross carrying amount
What is the net carrying amount?
This is the deciding factor for derecognition when risks and rewards of a transferred asset are neither fully transferred nor fully retained
What is control?
Face Value, Maturity Date, Coupon Rate
What are components of a bond?
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What is a shoe sole?