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Financial asset/liability opening value

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › Financial asset/liability opening value

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Stephen Widberg.
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  • December 5, 2021 at 11:29 am #642590
    badluckbilal
    Member
    • Topics: 1
    • Replies: 0
    • ☆

    Hello,

    Struggling to understand when we use the actual cost value for financial asset or liability (e.g. 10m nominal value bonds) as a starting point in Y1 vs. when we use PV of future cash flows as starting point.

    December 5, 2021 at 4:43 pm #642626
    Stephen Widberg
    Keymaster
    • Topics: 12
    • Replies: 2840
    • ☆☆☆☆☆

    Use cost with 2 exceptions:

    1. Issue convertible loans.
    2. Lend money at zero interest

    Otherwise you should not be discounting

    IFRS 13 – record at FAIR VALUE (don’t know where you’ve got PF of CF)

    Keep it simple!

    🙂

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