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Under USGAAP, a Company Can Designate a Receivable, Upon Initial Recognition

question 54

Essay

Under U.S.GAAP, a company can designate a receivable, upon initial recognition, to be recognized at fair value without meeting any criteria.IFRS has established qualifying criteria for fair value designation.
Required:
Describe the IFRS qualifying criteria that must be met to designate a receivable as fair value.


Definitions:

Emotional Expressions

The outward display of emotions through facial expressions, body language, voice tone, and other behaviors, communicating feelings to others.

Music

The art of arranging sounds in time to produce a composition through the elements of melody, harmony, rhythm, and timbre.

Hemisphere Damage

Injury or impairment to one of the two halves of the brain, affecting various cognitive and physical functions.

Sensory Input

Information received by the senses, which is then interpreted by the brain.

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