Chapter CFM23040
Published date | 16 April 2016 |
Record Number | CFM23040 |
Court | HM Revenue & Customs |
For those entities applying FRS 102 with an accounting period beginning on or after 1 January 2015.
Initial recognitionOn initial recognition a basic financial asset or financial liability is measured at the transaction price (which includes transaction costs) unless the arrangement represented a financing transaction. In the case of a financing transaction the financial asset or liability is initially measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
For example a loan made between two parties would be recognised at the present value of the cash payable or receivable.
Subsequent measurementDebt instruments that have been classified as ‘basic’ are subsequently measured on an amortised cost basis (CFM21170) using the effective interest method. CFM21180 provides a worked example of the effective interest rate.
Debt instruments that have been classified as ‘basic’ may, upon their initial recognition, be designated at fair value...
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