Final answer:
Under IFRS, accounts and notes receivable are recognized at fair value and subsequently measured at amortized cost using the effective interest rate method. Impairment losses are recognized and interest revenue is recorded over time.
Step-by-step explanation:
Under IFRS (International Financial Reporting Standards), the general accounting treatment for accounts and notes receivable involves recognizing these assets at their fair value at the time of acquisition. Subsequently, they are measured at amortized cost using the effective interest rate method. Any impairment losses are recognized, and interest revenue is recorded over time.