02-14-2009, 04:41 PM
Tariq,
If you have recognised a financial asset as through profit or loss, you cannot re-clasify it out of this category merely by changing the accounting policy. This is as per draft of IAS 39 (revised 2003) applicable in Pakistan so far.
However, IAS 39 has again been recently changed, which changes have not so far been adopted in Pakistan being a latest development. These amendments provide some conditions and stipulations where such category could be changed.
If you need a copy of those amendments you can visit IFAC / IASB webpages or tell me your e-mailing ID. I will e-mail you those amendments. However, such amendments are yet to be adopted in Pakistan.
Regards,
KAMRAN.
If you have recognised a financial asset as through profit or loss, you cannot re-clasify it out of this category merely by changing the accounting policy. This is as per draft of IAS 39 (revised 2003) applicable in Pakistan so far.
However, IAS 39 has again been recently changed, which changes have not so far been adopted in Pakistan being a latest development. These amendments provide some conditions and stipulations where such category could be changed.
If you need a copy of those amendments you can visit IFAC / IASB webpages or tell me your e-mailing ID. I will e-mail you those amendments. However, such amendments are yet to be adopted in Pakistan.
Regards,
KAMRAN.
