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We have taken finance from Bank Rs1000 million and had paid Rs100 Million as processing fee. How to account for this under IFRS
in IFRS 9 - Financial Instruments by Level 1 Member (1.3k points)
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In this case, the loan is to be booked by Rs. 900 million, and you are required to calculate the effective rate of interest by EMI and provide the interest expense in the books by effective rate of interest.
by Level 1 Member (1.8k points)