Explain the Nature of and the Impact on the Balance

question 67

Essay

Explain the nature of and the impact on the balance sheet and the income statement of at fair value through profit or loss securities and at fair value through OCI securities.

---

Definitions:

IASB

The International Accounting Standards Board, an independent group responsible for setting and enforcing global accounting standards known as International Financial Reporting Standards (IFRS).

Accepted Accounting Principles

Standards and conventions in accounting that provide guidelines for financial reporting, often referred to as Generally Accepted Accounting Principles (GAAP).

Inflationary Economies

Economies experiencing a sustained increase in the general price level of goods and services over a period of time.

Political Colonialism

The practice or policy of controlling a country or area by establishing colonies there, often involving economic exploitation and cultural domination.