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initial recognition of financial assets

JJiya0245y ago
Dear Professor, I really feel dumb to ask this. But seems like i just can't understand the following line: IFRS 9 says that an entity should recognise a financial asset 'when, and only when, the entity becomes party to the contractual provisions of the instrument' what does it mean, can you explain in simple words?
stephenwidbergstephenwidbergTutor5y ago#1
When you buy the share or the bond or you issue the share or the bond, or you sign up to a derivative contract.
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