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of <h1>Entities Must Classify Financial Assets Based on Business Model and Cash Flows Under Ind AS 032, 107, 109</h1> An entity must classify its financial assets for subsequent measurement at either amortized cost, fair value through other comprehensive income (FVTOCI), or fair value through profit or loss (FVTPL). This classification is determined by two tests: the business model test and the contractual cash flows characteristics test. The business model test assesses how an entity manages financial assets to generate cash flows, while the contractual cash flows test evaluates if the asset's cash flows are solely payments of principal and interest. These classifications are guided by Indian Accounting Standards (Ind AS) 032, 107, and 109.
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