Financial Assets

Hi Stephen, What is the default accounting treatment of financial asset - Is it FVPL or FVOCI? The reason I am asking is Kaplan study material states that generally equity instruments are measured at FVPL unless specifically designated otherwise. .i.e. The initial transaction costs are expensed at P/L. However, one of the recent open tuition lecture from youtube states "Financial assets are initially recognized at FV plus transaction costs unless classified as FV through P and L where transaction costs are immediately recognized through P and L." (https://www.youtube.com/watch?v=E1fCe_yVfT8) So, as these two resources are conflicting the initial default treatment of Financial asset, I just want to be crystal clear in my mind and find out if there is anything I am missing please. Thank you.