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This is a question from December 2009 exam:
A company borrowed $47 million on 1 December 2008 when the market and effective interest rate was 5%. On
30 November 2009, the company borrowed an additional $45 million when the current market and effective
interest rate was 7.4%.Both financial liabilities are repayable on 30 November 2013 and are single payment
notes, whereby interest and capital are repaid on that date.Required:
Discuss the accounting for the above financial liabilities under current accounting standards using using fair value as at 30 November 2009. Please explain me the Fair value loss calculated I don’t understand it at all
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