CERTYNEX IFRS ACADEMY

A group's methodology note describes IFRS 13's role for its financial instruments. Which sentence is wrong?

IFRS 13 provides the fair value measurement method for instruments measured on that basis.

The IFRS 13 portfolio exception covers contracts within the scope of IFRS 9, whether or not they meet the IAS 32 definitions.

IFRS 13 determines whether a financial instrument is measured at amortised cost or at fair value.

If the fair value required at initial recognition differs from the transaction price, the difference goes to profit or loss unless another standard provides otherwise.