Minority Passive: IFRS and GAAP Classifications

CFA Level II FRA
#1

Seems like there a several names used so thought to clarify:

These are the main types of classifications.

  • Held to Maturity
  • Available for Sale
  • Fair Value through Profit and Loss

Are the operational names the same for GAAP and IRFS?

I believe IFRS has a new standard and the above question relates to the old standard.

New IFRS:

  • amortised cost
  • fair value through OCI
  • fair value through profit and loss
#2

Hmmm I thought this question could be straight forward. I’m asking this question as my textbook does not seem complete so wanting to check

#3

FVPL is similar/the same as trading. IFRS 9 (The New Standard) also has specific rules relating to what can be changed into what.