Under IAS 39, Financial Instruments: Recognition and Measurement, which of the following terms describes the removal of a financial asset or liability from the balance sheet when certain appropriate criteria have been met?
A. decoupling
B. extinguishment
C. derecognition
D. reversal
Answer:C
Under IAS 39, Financial Instruments: Recognition and Measurement, which of the following terms describes the removal of a financial asset or liability from the balance sheet when certain appropriate criteria have been met?
A. decoupling B. extinguishment C. derecognition D. reversal