Which one of the following is accurate concerning the order in which derecognition principles surrounding financial assets in IFRS 9 is applied?
A. Derecognition principles are more general in nature and therefore ordering is not a particular issue or concern under IFRS 9
B. Derecognition principles must be applied in the proper order dictated by IFRS 9
C. Derecognition principles may be applied in any order it will always result in the same conclusion when principles are applied correctly
D. Derecognition principles are applied in a different order depending on the type of financial asset and transaction being evaluated
B. Derecognition principles must be applied in the proper order dictated by IFRS 9. According to IFRS 9, there's a specific sequence of steps to follow when assessing whether a financial asset should be derecognized, and this order is important to ensure correct accounting treatment.
