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Hi tutor
I have a question that in current situation company will classify it as a equity as current value is greater than 1 so what if in future the situation changes? can we reclassify it as liability. what will be it under IAS 8? change in policy or error?
I’m afraid I don’t understand the question – what do you mean that current value is >1?
Hi Sir apologies for confusion..
i mean current value is more than 1 dollar
as nominal value 1$ and current value is 5$.. rest of the question is same as above..
so once we recognise as equity we cannot reclassify it as liability on subsequent measurement if situation changes until date of redemption?
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