- This topic has 1 reply, 2 voices, and was last updated 5 years ago by
.
Viewing 2 posts - 1 through 2 (of 2 total)
- Posts
Hello Sir, I would like to know “When a reclassification is required it is applied from the first day of the first reporting period following the change in the business model”
It is referred to prospective(next reporting period onward) application or only refers to the current period of the reclassification?
Eg: Current y/e is 2020, and the reclassification should apply from 1 Jan 2020 to 31 Dec 2020?Thank you.
Assume you have a Dec year end and the business model changes in 2019.
IASB – change accounting from 2020.
Interestingly FASB would say 31 Dec 2019.
Either way, a prizewinner point if it ever came up!
Viewing 2 posts - 1 through 2 (of 2 total)
- The topic ‘reclassifications of financial instrument’ is closed to new replies.