Accounting 101: Accounting for financial assets

Originally published at: Accounting 101: Accounting for financial assets | TheAccSense

Briefly, this article will explain to you what an asset is and how an asset is accounted for in the financial statements. This article, however, will talk about the accounting for assets from the perspective of the MFRS framework. Nevertheless, entities under the IFRS framework also apply the same requirements as per what we will…