When is a financial asset initially recognized by an entity Group of answer choicesA financial asset is recognized when it is probable that future economic benefits will flow to the entityA financial asset is recognized when the entity obtains control of the instrumentA financial asset is recognized when the entity obtains the risks and rewards of ownership of the financial assetA financial asset is recognized when the entity becomes a party to the contractual provisions of the instrument

A financial asset is recognised whenAnswer : risks and rewards are transferred  it is probable that future economic benefits will flow to the entity and the cost of the instrument can be measured reliably   control is obtained   the entity becomes a party to a contractual provision of the instrument

A financial instrument is any contract that gives rise toGroup of answer choicesA financial assetA financial liabilityA financial asset of one entity and financial liability of another entityA financial asset of one entity and financial liability or equity instrument of another entity

What is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity?a.Financial Instrumentsb.Financial Instruments: Recognition and Measurementc.Financial Instruments: Disclosuresd.Financial Instruments: Presentation

What is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity?

An issuer of a financial instrument must classify the instrument (or its component parts) on initial recognition as a financial liability, a financial asset or an equity instrument in accordance with the substance of the contractual arrangement and the definitions of a financial liability, a ___________________and an equity instrument.