Under U.S.GAAP, a company can designate a receivable, upon initial recognition, to be recognized at fair value without meeting any criteria.IFRS has established qualifying criteria for fair value designation.
Required:
Describe the IFRS qualifying criteria that must be met to designate a receivable as fair value.

The IFRS criteria include: the elimination of an accounting mismatch that arises from recognizing assets, liabilities, gains, or losses on different bases or the grouping of the receivable with other financial assets that are managed as part of a risk management or investment strategy that is evaluated on a fair-value basis.This makes the IFRS more restrictive.