default method for financial assets and liabilities

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May 26, 2021 at 10:09 am #621807
Noah098
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sir as far as financial assets are concerned what is the default method for them, if nothing is mentioned? FVPL for equity? and amortised cost for debt instruments?

and what about liabilities, what is the default method to record them? Amortised cost?
May 26, 2021 at 5:07 pm #621840
Stephen Widberg
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FA – equities – FVPL
FA – bonds – AC
FL – AC (except derivatives which are FVPL).
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