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Financial InstrumentsL FVOCI

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › Financial InstrumentsL FVOCI

  • This topic has 1 reply, 2 voices, and was last updated 7 years ago by P2-D2.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • May 25, 2018 at 12:48 pm #453900
    narmeenzang
    Member
    • Topics: 8
    • Replies: 4
    • ☆

    Hello,

    Please, can you clarify classification? Let’s say an entity purchases shares and intends to hold for the long term.

    An equity instrument will be classified as FVOCI if it meets two conditions

    1 – Equity instrument is to be held in the long term, not held for trading
    2 – Entity must opt-in to designate it as FVOCI from the purchase date

    So does that mean if the entity did not opt-in to classify it as FVOCI it will automatically be classified as the default FVTPL, even though it is going to be held for the long term and not being held for trading?

    Thank you
    Naz

    May 28, 2018 at 8:18 pm #454470
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 7205
    • ☆☆☆☆☆

    Hi,

    It must be classified at the date of initial recognition, which is dependent on the intention at that date. If that intention is not stated at that date then it will be FVTPL.

    Thanks

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