Effective interest rate for Available for Sale

Has anyone come across using ‘effective interest rate’ for Available for Sale securities. I thought it does not make sense since the profit/loss is taken to OCI, efffective interest rate method is not required. It is only required for ‘Held to Maturity’ so that the book value represents the par value if held to maturity.

Konvexity has a problem which uses ‘effective interest method’ for availale for sale security. BTW, they also have a solution where they allow revaluation of a fixed asset under US GAAP. (God help us!!)

HTM is held at amortized cost, not par.

Revaluation may be allowed under US GAAP for certain industries.

Do you know which industries are allowed revaluation under US GAAP ( “real estate” firm is one which i remember vaguely, but not sure). Anyhow I don’t expect that in Level II exam.

w.r.t HTM, I meant, if you hold it to maturity, you will eventually bring the amortized cost to par.