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Financial Instruments Classification: The disclosure note of HOSA Products Limited showed the following (in millions)...

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Accounting

Financial Instruments Classification: The disclosure note of HOSA Products Limited showed the following (in millions)

FVTPL Amortized Cost

Total Carrying Value

Total Fair Value Cash $516 $ $ 516 $ 516 Accounts receivable 165 699 864 864 Short-term borrowings 467 467 467 Accounts payable and accrued liabilities

56 1,456 1,512 1,512

Required:

1. What is a financial instrument? A financial asset? 2. With respect to cash, explain why the asset is classified as FVTPL. Under what circumstances would the fair value of cash change from the originally recognized value?

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