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of <h1>Derecognition of Financial Assets: Key Factors and Implications for Transfers and Retained Rights Under Accounting Rules</h1> Derecognition of a financial asset occurs when an entity's right to cash flows from the asset expires, or when it transfers the rights and substantially all risks and rewards associated with the asset. If the entity neither retains nor transfers these risks and rewards and does not retain control, derecognition is also applicable. The process can apply to parts of a financial asset, such as specific cash flows or proportional shares. If an entity transfers an asset but retains servicing rights, it must recognize a servicing asset or liability. The difference between the carrying amount and consideration received is recorded in profit or loss.
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