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$4.$ Which of the following approaches is used to determine the recognition of an impairment loss of financial assets? IFRS

A$)$ An approach that reflects the losses expected over the contractual life of the asset

B$)$ A loan is impaired if it is more likely than not that a creditor will be unable to collect all amounts due

C$)$ A dual$-$measurement expected credit loss approach that is based on a financial asset's credit risk at inception and changes in credit risk from inception, as well as the applicability of certain practical expedients

D$)$ Present value of contractual cash flows approach

$5.$ Which of the following appropriately describes how certain contracts to purchase nonfinancial items may qualify for the normal purchase normal sale or "own$-$use" scope exception from the derivatives guidance?

A$)$ An entity may elect to apply the scope exception and is not required to document the designation

B$)$ An entity may elect to apply the scope exception and is required to document the designation

C$)$ The scope exception is not elective, but an entity is nevertheless required to document its designation

D$)$ The scope exception is not elective, and an entity is not required to document its designation

$6.$ An entity enters into an agreement with a third party to transfer a finacial asset. As part of this transfer, the entity has neither retained nor transferred substantially all the risks an rewards of ownership, but it has retained control over the financial asset. In relation to this transaction, which of the following is correct?

A$)$ the entity would recognize a secured borrowing equal to the consideration received

B$)$ The financial asset would be derecognized by the entitity

C$)$ The entity would continue to recognize the transferred asset to the extent of its continuing invovement

D$)$ The financial asset would be reclassified as a current asset

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