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1.It is not allowed to reclassify equity instruments from FVTOCI to FVTPL because an irrevocable election has been made at initial recognition to classify the equity instruments at FVTOCI.
Is my understanding correct?
2.Are we allowed to reclassify equity instruments from FVTPL to FVTOCI?
Based what I understand, it is allowed because we have not made an irrevocable election.
Is my understanding correct?
Or are we not allowed to reclassify all equity instruments?
I don’t think you can reclassify either way for equity instruments.
Source Deloitte (and I’ve seen it somewhere else). Page 7 of below:
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