Which of the following is incorrect about financial instruments?

None of the answers.

"Financial assets are initially measured at the fair value of the financial asset, plus any transaction costs that are directly attributable to its acquisition (unless the financial asset is subsequently measured at fair value through profit or loss)."

Financial liabilities are initially measured at the fair value of the financial liability less any transaction costs that are directly attributable to its issue (unless the financial liability is subsequently measured at fair value through profit or loss).

"If a financial asset is subsequently measured at fair value through profit or loss, then the financial asset is initially measured at fair value and any transaction cost is treated as an expense through profit and loss."