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Why IFRS 9 not allow equity investment to be a hedge item in fair value hedge in consolidated financial statement ?
If equity instrument is FVOCI, revalue both item and instrument and all gains and losses go to OCI.
If equity instrument is FVPL, revalue both item and instrument and all gains and losses go to P&L.
Sorry, but I dont really understand your answer. Can you clarify a bit more ?
If you own shares and are worried about their fair value, you could (say) enter into a forward contract to sell those.
In these circumstances you can use FV hedge accounting.
For FVOCI and FVPL please review our notes and lectures on financial instruments.