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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?
When you buy the share or the bond or you issue the share or the bond, or you sign up to a derivative contract.