According to CFAI text “if Held for trading is reclassified as Available for Sale, any unrealized G/L goes to income” page 125? Shouldnt it go to OCI?
You would think so, best to quote page number and paragraph so that “according to…” can be taken in context.
sort of tricky…what you’ve quoted is correct, I would think of it like if you are reclassifying from trading to AFS, or AFS to trading, then since both of those involves trading, and trading unrealized gains/losses go to NI, then in these two cases you must recognize the impact of the reclassification in NI. Does that help? If you go from HTM—> AFS, THEN the unrealized g/l goes to OCI
Should go to OCI I feel. Have you reported it to CFAI?
I remember this part, it has left me puzzled. Does not really make sense, does it? Should not it go to the OCI?
have either of you read my comment? By the way, under IFRS you can’t move/reclassify into or out of trading
By the way, under IFRS you can’t move/reclassify into or out of trading CFAI mentions that!)))