Reclassification of Trading anything, everything, 2010

hoangvu90

IFRS: CANNOT reclassify in and out of trading or designated at FV.
IFRS: CAN go in and out of AFS & HTM.

US GAAP: CAN reclassify anything and everything.

RIGHT?



Edited 1 time(s). Last edit at Friday, June 4, 2010 at 10:41AM by mambovipi.

senlinlang

CFA_10 Wrote:
-------------------------------------------------------
> whr was ths question?????????????????????? i dont
> remember it being asked.. my exam form number was
> 6060


it was only asked on the Friday June 4th exam. If you took it on saturday you lucked out

wilslm

whr was ths question?????????????????????? i dont remember it being asked.. my exam form number was 6060

jarobi04

the better question is are you or are you not John Mack?

yospaghetti

it was implied you would have to have a reason to reclassify other than wanting to hide losses from investors...just saying it is possible.

chaojimali

I would have to agree that GAAP permits reclassification into and out of trading, as well as DFV.

bolligerallstar

imcrnhlio1 Wrote:
-------------------------------------------------------
> you are both wrong it should be this
>
>
> IFRS: CANNOT reclassify in and out of trading or
> designated at FV.
> IFRS: CAN go in and out of AFS & HTM.
>
> US GAAP: CAN reclassify anything and everything.


You are wrong in relation to US GAAP. Designation at fair value is irrevocable under both methods.

NO EXCUSES

troymo

well, not quite, i think i've "fine-tuned" it for ya.

ayaz_mahmud369

Looks the same to me! Oh well, the important thing is we in agreement, cheers

zhaoyp

you are both wrong it should be this


IFRS: CANNOT reclassify in and out of trading or designated at FV.
IFRS: CAN go in and out of AFS & HTM.

US GAAP: CAN reclassify anything and everything.