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De-recognise Financial Assets

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › De-recognise Financial Assets

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by P2-D2.
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  • Author
    Posts
  • October 15, 2021 at 6:02 pm #637770
    ty0311
    Participant
    • Topics: 17
    • Replies: 5
    • ☆

    Hi Chris,

    When a Financial asset is disposed, and there are gains previously recognised through other Comprehensive Income, (so they will be transferred to retained earnings through the SOCIE), does this also mean that we would need to report a ‘loss’ in the OCI (of the same amount as the transferred value)?

    Thanks and Regards,
    Tim

    October 16, 2021 at 8:54 am #637795
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 6453
    • ☆☆☆☆☆

    Hi Tim,

    No, it is just a reserve transfer though the SOCIE, the same is if we were to transfer the revaluation surplus to retained earnings on disposal of PPE that has been previously revalued. All the accumulated gains/losses in these reserves will have arisen in prior years and so no adjustment to OCI is required in the current year as they have not arisen this year.

    Thanks,

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