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Aron held 3% holding of shares in Smart. The investment was designated upon recognition as FvTOCI and as at 31 may 2017 was FV at $5m. The cumulative gain recognized in equity relating to this investment was $400000. On the same day the whole of the share capital of Smart was acquired by Given and as a result, Aron received shares in Given with FV of $5.5m in exchange for its holding in Smart.
Accounting treatment???
$400000 should be reclassified to PL or not????No reclassification as it is an equity instrument
When the examiner wrote Aron, the rule was different.
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