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Hi Mike!
Could you explain what is meant by:
1. Fair value through P&L.
2. Fair value through other comprehensive income.Thanks.
Any adjustment to the fair values, one year end to the next has to be recorded somewhere
So, if it’s an increase in the fair values (as opposed to a decrease) we shall debit the financial instrument with that increase in value
Where are you going to put the credit?
You have two choices!
1) through statement of profit or loss, or
2) through statement of comprehensive income
Make your choice, and then stick with it (if that choice is available, and it isn’t always)
Ok?
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