"irrevocably classified as FVTOCI"

Dear all,

First question: I don’t really understand when a financial instrument is “irrevocably classified as FVTOCI” under IFRS9. Why would it be irrevocably classified as such? In kaplan or BPP books they just tell that it is so, and not the ground/examples why…

Second question: What is the difference between a fair value change in an investment property, which would be accounted for through P/L, and a yearly revaluation in an investment property, which would be accounted for through OCI (rev surplus)? Isn’t the revaluation a change in fair value in itself?? I don’t see the logic here… So what would be an example of a change in FV which is not a revaluation (example please)??

Thank you in advance, hoping that my questions are clear enough!

Cheers,

Nabil