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we have some equity shares in companies which are not quoted in the stock market. Under local GAAP we record these investments at cost. i wonder what is the treatment for this type of investments under IFRS.
in IAS 39 - Financial Instruments: Recognition and Measurement by
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IAS 39 is applicable here. If you are holding them for sale, such shares should be recognized as financial assets and classified as fair value through profit & loss (FVTPL).
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Yes it is treated as financial assets and accounted for as per IAS 39