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Reclassification of financial assets alters measurement basis; fair value adjustments are recognised in OCI or profit and loss. Reclassification of financial assets requires measurement at fair value on the reclassification date and immediate recognition of the difference between prior carrying amount and that fair value in either profit or loss or other comprehensive income depending on the category transferred to; transfers from FVTOCI to amortised cost remove cumulative OCI and adjust the carrying amount as if always at amortised cost without affecting profit or loss; transfers from FVTPL to amortised cost set fair value as the new gross carrying amount and require recalculation of the effective interest rate.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Reclassification of financial assets alters measurement basis; fair value adjustments are recognised in OCI or profit and loss.
Reclassification of financial assets requires measurement at fair value on the reclassification date and immediate recognition of the difference between prior carrying amount and that fair value in either profit or loss or other comprehensive income depending on the category transferred to; transfers from FVTOCI to amortised cost remove cumulative OCI and adjust the carrying amount as if always at amortised cost without affecting profit or loss; transfers from FVTPL to amortised cost set fair value as the new gross carrying amount and require recalculation of the effective interest rate.
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