Criteria to recognise receivables in accordance with MFRS 9 Financial Instruments.
1. Unconditional receivables are recognized as assets when the entity becomes a party to the contract and consequently has a legal right to receive cash. 2. Assets to be acquired under a firm commitment to purchase or sell goods or services are generally not recognized until at least one of the parties has performed under the agreement. 3. A forward contract within the scope of the standard is also recognized as an asset at the commitment date. 4. Options contract within the scope of the standard are recognized as assets when the holder or writer becomes a party to the contract.