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IFRS 9

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › IFRS 9

  • This topic has 7 replies, 2 voices, and was last updated 8 years ago by amna.
Viewing 8 posts - 1 through 8 (of 8 total)
  • Author
    Posts
  • November 23, 2016 at 2:09 pm #350975
    amna
    Participant
    • Topics: 92
    • Replies: 93
    • ☆☆

    Can i know what is an accounting mismatch and when does it arrive?

    Also can i know why in some certain circumstances gain and losses of financial instruments classified through FTOCI are not reclassified to PNL and what does it mean by that cumulative gains are transferred within equity?

    November 24, 2016 at 10:00 pm #351290
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 7172
    • ☆☆☆☆☆

    It means that a financial liability is held at say FVTPL but a similar liability is held at amortised cost. If they are similar then they should be accounted for in the same manner.

    Not sure about the last point, where have you noticed that? Any gains/losses on FVTOCI are reclassified through profit or loss on disposal.

    Thanks

    November 25, 2016 at 2:44 pm #351438
    amna
    Participant
    • Topics: 92
    • Replies: 93
    • ☆☆

    the last part was from the answer to DEC 2014 Q2(a) Coatmin

    ” ……….. Amounts presented in other comprehensive income are not
    subsequently transferred to profit or loss, and the entity may only transfer the cumulative gain or loss within equity. Thus
    Coatmin should charge $5 million to OCI and $45 million to profit or loss. “

    November 27, 2016 at 9:32 pm #351999
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 7172
    • ☆☆☆☆☆

    Hi,

    This is a ridiculously tiny part of IFRS 9, whereby if you have a financial liability at FVTPL then any change in its fair value due to changes in the creditworthiness are taken through OCI and not profit or loss. Any amounts then held in OCI are not then allowed to be recycled through profit or loss in the future.

    I seriously doubt that anyone in the exam would have known this.

    Thanks

    November 28, 2016 at 9:31 am #352112
    amna
    Participant
    • Topics: 92
    • Replies: 93
    • ☆☆

    okkk thanks 🙂

    December 1, 2016 at 8:21 pm #352974
    amna
    Participant
    • Topics: 92
    • Replies: 93
    • ☆☆

    Hi in Minny Q1 DEC 2012

    Can i know why is there a movement from OCE to RE of 3 relating to Equity investment?

    is it related to the question i asked before (ie:

    @amnanihal said:

    Also can i know why in some certain circumstances gain and losses of financial instruments classified through FTOCI are not reclassified to PNL and what does it mean by that cumulative gains are transferred within equity?

    December 1, 2016 at 9:55 pm #353003
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 7172
    • ☆☆☆☆☆

    Hi,

    No it is totally unrelated. It is the gain on the previously held 14%, which has increased from $18 million to $21 million.

    Thanks

    December 2, 2016 at 3:19 am #353024
    amna
    Participant
    • Topics: 92
    • Replies: 93
    • ☆☆

    ok then can i know why is the transfer made from OCE to RE for the 14% holding?

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