The reason for this is the following：
1. For financial assets or financial liabilities that are measured at fair value and whose changes are included in the current profit and loss, relevant transaction costs are directly included in the current profit and loss; For other types of financial assets or financial liabilities, the relevant transaction costs shall be included in the initial recognition amount and constitute the actual interest part.
2. The fair value of financial instruments at initial recognition usually refers to the transaction price (that is, the fair value of the consideration received or paid). However, if part of the consideration received or paid does not belong to the financial instrument, the fair value of the financial instrument should be estimated according to the valuation technique. For example, the estimation of the fair value of interest-free long-term loans or receivables is the present value obtained by discounting all future cash receipts at the current market interest rate of similar financial instruments with similar credit ratings (similar currency, terms, interest rate types and other factors). Any additional loan amount should be regarded as a deduction of expenses or income, unless it meets the conditions for recognition as some other type of asset. In addition, it should be noted that if an enterprise issues a loan at an interest rate lower than the market interest rate (for example, when the market interest rate of a similar loan is 8%, the interest rate of the loan is 5%) and directly collects fees as compensation, the enterprise shall confirm the loan at fair value, that is, the fees received by the enterprise shall be deducted. After that, the enterprise should use the effective interest rate method to include the relevant discounts in profits and losses.
3. Transaction costs refer to the additional external costs directly generated by purchasing, issuing or disposing of financial instruments. The newly added external expenses refer to the expenses that will not occur if the enterprise does not purchase, issue or dispose of financial instruments, including the necessary expenses such as fees and commissions paid to consulting companies and securities companies, excluding bond premiums, discounts, financing expenses, internal management expenses and other expenses not directly related to transactions.
4. The declared but unpaid bond interest or cash dividend included in the price paid by an enterprise for obtaining financial assets shall be separately recognized as receivable items for processing.
Therefore, when an enterprise initially recognizes financial assets or financial liabilities, it shall measure them at fair value.