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Provides that an entity shall derecognize a financial asset

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Problem 1: PFRS 9, par. 3.2.3 provides that an entity shall derecognize a financial asset when, and only when:

a. The contractual rights to the cash flows from the financial asset expire.

b. It transfers the financial and the transfers qualifies for derecognition.

c. Either A or B.

d. Neither A nor B.

Problem 2: On derecognition of a financial asset at fair value through profit or loss in its entirety, the difference between:

a. The carrying amount of financial asset and the fair value of the financial asset shall be recognized in OCI.

b. The carrying amount of financial asset and the consideration received shall be recognized in Profit or Loss.

c. The fair value of financial asset and the consideration received shall be recognized in OCI.

d. The fair value of financial asset and the consideration received shall be recognized in Profit or Loss.

Reference no: EM132772418

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