{"id":46907,"date":"2023-09-27T05:51:56","date_gmt":"2023-09-27T05:51:56","guid":{"rendered":"https:\/\/analystprep.com\/cfa-level-1-exam\/?p=46907"},"modified":"2026-04-02T10:24:02","modified_gmt":"2026-04-02T10:24:02","slug":"financial-instruments","status":"publish","type":"post","link":"https:\/\/analystprep.com\/cfa-level-1-exam\/financial-reporting-and-analysis\/financial-instruments\/","title":{"rendered":"Financial Instruments"},"content":{"rendered":"\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"VideoObject\",\n  \"name\": \"Analyzing Balance Sheets (2024\/2025 CFA\u00ae Level I Exam \u2013 FSA \u2013 Learning Module 3)\",\n  \"description\": \"This CFA\u00ae Level I Financial Statement Analysis lesson focuses on Analyzing Balance Sheets with a clear, exam-oriented approach. The video explains how to assess liquidity, solvency, and profitability using balance sheet data, when and how to adjust for intangible assets and goodwill, and key differences between IFRS and US GAAP, including the treatment of R&D. It also covers cost versus revaluation models, impairment, classification and measurement of financial instruments, non-current liabilities and amortized cost, deferred tax liabilities, common-size balance sheets, and core liquidity and solvency ratios. Practice problems are integrated throughout to reflect CFA Level I exam-style questions.\",\n  \"uploadDate\": \"2023-11-01\",\n  \"thumbnailUrl\": \"https:\/\/img.youtube.com\/vi\/pHobAPJRRAo\/hqdefault.jpg\",\n  \"contentUrl\": \"https:\/\/www.youtube.com\/watch?v=pHobAPJRRAo\",\n  \"embedUrl\": \"https:\/\/www.youtube.com\/embed\/pHobAPJRRAo\",\n  \"duration\": \"PT30M15S\"\n}\n<\/script>\n\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"How are unrealized gains on available-for-sale financial assets reflected in shareholders\u2019 equity?\",\n    \"text\": \"A financial asset is classified as \\\"available for sale,\\\" and it has unrealized gains. How are these unrealized gains most likely reflected in shareholders\u2019 equity?\\n\\nA. There is no recognition.\\nB. They are recognized in the income statement.\\nC. They are recognized in other comprehensive income.\",\n    \"answerCount\": 3,\n    \"suggestedAnswer\": [\n      {\n        \"@type\": \"Answer\",\n        \"text\": \"A. There is no recognition.\"\n      },\n      {\n        \"@type\": \"Answer\",\n        \"text\": \"B. They are recognized in the income statement.\"\n      },\n      {\n        \"@type\": \"Answer\",\n        \"text\": \"C. They are recognized in other comprehensive income.\"\n      }\n    ],\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"C. They are recognized in other comprehensive income.\",\n      \"commentary\": \"Under both IFRS and US GAAP, unrealized gains on financial assets classified as available for sale are recognized in other comprehensive income (OCI), which is a component of shareholders\u2019 equity. These gains remain in OCI until the asset is sold, at which point they are reclassified to the income statement as realized gains.\",\n      \"url\": \"https:\/\/analystprep.com\/cfa-level-1-exam\/financial-reporting-and-analysis\/financial-instruments\/\"\n    },\n    \"author\": {\n      \"@type\": \"Organization\",\n      \"name\": \"AnalystPrep\"\n    }\n  }\n}\n<\/script>\n\n\n<p><iframe loading=\"lazy\" src=\"\/\/www.youtube.com\/embed\/pHobAPJRRAo\" width=\"611\" height=\"343\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>According to the IFRS, a <strong>financial instrument<\/strong> is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another.<\/p>\n<p>Financial assets include investments in stocks of other companies or in notes, bonds, or other fixed-income securities issued by other companies or government entities. Financial liabilities, such as notes payable and bonds payable issued by the company, will be covered later.<\/p>\n<p>Certain financial instruments can be categorized as either an asset or a liability based on the contractual terms and current market conditions. For example, derivatives are financial instruments whose value is determined by an underlying factor, such as an interest rate, exchange rate, commodity price, security price, or credit rating, and typically require minimal or no initial investment.<\/p>\n<div style=\"margin: 20px 0;\"><a style=\"display: block; width: 100%; text-align: center; padding: 10px; border: 2px solid #2f5bea; border-radius: 40px; font-size: 16px; color: #2f5bea; text-decoration: none;\" href=\"https:\/\/analystprep.com\/free-trial\/\" target=\"_blank\" rel=\"noopener\"> Practice financial instruments questions with our free trial. <\/a><\/div>\n<h2>Recognition and Measurement of Financial Instruments<\/h2>\n<p>Financial instruments are typically recognized when the entity enters into the contract&#8217;s terms. Following the initial acquisition, financial instruments are measured using either <strong>fair value<\/strong> or <strong>amortized cost<\/strong>.<\/p>\n<p>Recall that fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly market transaction. On the other hand, the amortized cost of a financial asset (or liability) is the amount at which it was initially recognized, minus any principal repayments, plus or minus any amortization of discount or premium, and minus any reduction for impairment.<\/p>\n<h3>Financial Assets Measurement at Armotized Cost<\/h3>\n<p><span style=\"color: initial;\">Under IFRS, financial assets are measured at amortized cost if their cash flows are fixed and occur on specific dates, comprising solely principal and interest payments, and if the business model is to hold the asset until maturity. Under the US GAAP, financial assets measured at amortized cost are described as <strong>held-to-maturity<\/strong> assets. An example is a long-term bond investment issued by another company or government; its value may fluctuate with interest rate changes, but if classified as held-to-maturity, it will be recorded at amortized cost on the investor&#8217;s balance sheet.<\/span><\/p>\n<p>Other financial assets measured at amortized cost are loans to other companies.<\/p>\n<h3><strong>Financial Assets Measured at Fair Value<\/strong><\/h3>\n<p>For financial instruments measured at fair value, there are two primary methods for recognizing net changes in fair value:<\/p>\n<ol>\n<li>\u00a0as profit or loss on the income statement, or<\/li>\n<li>(2) as other comprehensive income (loss), which does not affect the income statement.<\/li>\n<\/ol>\n<p>These alternatives pertain to unrealized changes in fair value, meaning changes in the value of a financial asset that has not been sold and is still held at the end of the period. These unrealized gains and losses are also known as holding period gains and losses. In contrast, realized gains or losses from a sale are reported on the income statement.<\/p>\n<h4>1. As Other Comprehensive Income (or Loss)<\/h4>\n<p>Under IFRS, financial assets are measured at fair value through other comprehensive income (meaning any unrealized holding gains or losses are recorded on other comprehensive income) if the business model aims to both collect contractual cash flows and sell the financial assets. This IFRS category is relevant to debt investments, which have cash flows on specified dates and consist solely of principal and interest. Additionally, IFRS allows for equity investments to be measured at fair value through other comprehensive income if a company makes an irrevocable choice to measure the asset in this way at the time of acquisition.<\/p>\n<p>Under the US GAAP, financial assets measured at fair value are referred to as <strong>available-for-sale<\/strong>. It applies the same concept as IFRS in that any unrealized gains or losses are recognized in other comprehensive income. However, unlike IFRS, the US GAAP category for available-for-sale securities is limited to debt instruments and does not extend to equity investments.<\/p>\n<h4><strong>2. As Profit or Loss on the Income Statement<\/strong><\/h4>\n<p>Under IFRS, financial assets that do not fall into the other two measurement categories are measured at fair value through profit or loss,\u00a0meaning unrealized gains or losses are recognized in the income statement. Additionally, companies can choose to irrevocably classify a financial asset in this category at the time of acquisition.<\/p>\n<p>In contrast, under US GAAP, all equity investments except those that provide significant influence over the investee are measured at fair value, with unrealized gains or losses reported in the income statement. For debt securities, those designated as <strong>trading securities<\/strong> are also measured at fair value with unrealized gains or losses recognized in the income statement. Trading securities are those acquired with the intention to sell rather than hold for collecting interest and principal payments.<\/p>\n<h2><strong>Summary of Measurement of Financial Assets<\/strong><\/h2>\n<p>$$<br \/>\\begin{array}{l|l|l}<br \/>\\textbf{Measurement} &amp; \\textbf{ Fair Value through Other } &amp; \\textbf{ Fair Value Through } \\\\<br \/>\\textbf{at Armotized Cost} &amp; \\textbf{Comprehensive Income} &amp; \\textbf{Profit and Loss} \\\\<br \/>\\hline<br \/>\\text { &#8211; Debt instruments } &amp; \\text { &#8211; Debt securities } &amp; \\text { &#8211; All equity } \\\\<br \/>\\text { intended for } &amp; \\text { categorized as } &amp; \\text { securities, except } \\\\<br \/>\\text { hold-to-maturity. } &amp; \\text { &#8220;available-for-sale&#8221; } &amp; \\text { those providing } \\\\<br \/>\\text { &#8211; Receivable loans } &amp; \\text { (US GAAP); debt } &amp; \\text { the investor with } \\\\<br \/>\\text { and notes. } &amp; \\text { instruments for which } &amp; \\text { significant influence } \\\\<br \/>\\text { &#8211; Non-quoted equity } &amp; \\text { the strategy involves } &amp; \\text { (US GAAP only). } \\\\<br \/>\\text { instruments (cost used } &amp; \\text { both earning from } &amp; \\text { &#8211; &#8220;Trading&#8221; debt } \\\\<br \/>\\text { as an estimate for } &amp; \\text { interest and principal } &amp; \\text { securities (US GAAP). } \\\\<br \/>\\text { fair value in certain } &amp; \\text { and selling the } &amp; \\text { &#8211; Securities not } \\\\<br \/>\\text { situations). } &amp; \\text { security (IFRS). } &amp; \\text { allocated to either } \\\\<br \/>&amp; \\text { &#8211; Equity investments } &amp; \\text { of the other two } \\\\<br \/>&amp; \\text { for which a firm } &amp; \\text { categories, or } \\\\<br \/>&amp; \\text { chooses this } &amp; \\text { investments for } \\\\<br \/>&amp; \\text { measurement method at } &amp; \\text { which a firm chooses } \\\\<br \/>&amp; \\text { acquisition (IFRS only). } &amp; \\text { this measurement } \\\\<br \/>&amp; &amp; \\text { method at } \\\\<br \/>&amp; &amp; \\text { acquisition } \\\\<br \/>&amp; &amp; \\text { (IFRS only). } \\\\<br \/>\\end{array}<br \/>$$<\/p>\n<blockquote>\n<h2>Question<\/h2>\n<p>A financial asset is classified as &#8220;available for sale,&#8221; and it has unrealized gains. How are these unrealized gains <em>most likely<\/em> reflected in shareholders&#8217; equity?<\/p>\n<ol type=\"A\">\n<li>There is no recognition.<\/li>\n<li>They are recognized in the income statement.<\/li>\n<li>They are recognized in other comprehensive income statement.<\/li>\n<\/ol>\n<p><strong>Solution<\/strong><\/p>\n<p>The correct anwer is <strong>C.<\/strong><\/p>\n<p>Gains for financial assets classified as available for sale a recognized in the other comprehensive income.<\/p>\n<p><strong>A is incorrect. <\/strong>Under both IFRS and US GAAP, unrealized gains on financial assets classified as &#8220;available for sale&#8221; are recognized. They are not ignored or left unrecognized in the financial statements.<\/p>\n<p><strong>B is incorrect. <\/strong>Unrealized gains on &#8220;available for sale&#8221; financial assets are not recognized in the income statement. Instead, they are recognized in other comprehensive income, which is a separate component of shareholders&#8217; equity, until they are realized (e.g., when the asset is sold). Only at that point are they transferred from other comprehensive income to the income statement as realized gains.<\/p>\n<\/blockquote>\n<div style=\"text-align: center; margin: 40px 0;\"><a style=\"display: inline-block; padding: 10px 26px; background: #3f78d7; color: #fff; border-radius: 40px; font-size: 16px; text-decoration: none;\" href=\"https:\/\/analystprep.com\/free-trial\/\" target=\"_blank\" rel=\"noopener\"> Start Free Trial \u2192 <\/a>\n<p style=\"margin-top: 10px; max-width: 600px; margin-left: auto; margin-right: auto; font-size: 14px;\">Solve CFA-style questions on recognition, classification, and measurement of financial instruments under IFRS.<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>According to the IFRS, a financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another. Financial assets include investments in stocks of other companies or in&#8230;<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5],"tags":[],"class_list":["post-46907","post","type-post","status-publish","format-standard","hentry","category-financial-reporting-and-analysis","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Financial Instruments - AnalystPrep | CFA\u00ae Exam Study Notes<\/title>\n<meta name=\"description\" content=\"Understand the treatment of financial assets under IFRS, including how they are measured at fair value or amortized cost.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/analystprep.com\/cfa-level-1-exam\/financial-reporting-and-analysis\/financial-instruments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Financial Instruments - 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