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Cherub purchased a financial asset on 1 October 2019, which it measured at fair value through other comprehensive income, in accordance with its business model. The asset had a nominal value of $12 million, a coupon rate of 3% payable in arrears and was purchased on market for $10 million. The effective rate of interest is 6% and the fair value of the asset at the reporting date of 30 September 2020 was $9 million. At the reporting date, the financial asset's credit risk was low, with twelve-month expected credit losses of $0.3 million and lifetime expected credit losses of $0.8 million.
Required:
Problem 1: Discuss how this financial asset is recognised and measured in the year ended 30 September 2020, with calculations.
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