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One of the issues covered by IFRS 9 Financial Instruments (revised July 2014) is the...

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Accounting

One of the issues covered by IFRS 9 Financial Instruments (revised July 2014) is the classification and measurement of financial assets. The three possible measurement bases identified by the standard are: Amortised cost. Fair value through other comprehensive income. Fair value through profit or loss. Required: Explain how IFRS 9 requires entities to select the appropriate measurement basis for a financial asset. You should include any options available to entities regarding classification in your explanation. Note: You are NOT required to define financial asset.

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