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Find all (there are many) inconsistencies, errors and fix them with explanations.Must use (cite) the FASB Codification as well as include an Excel analysis.

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Find all (there are many) inconsistencies, errors and fix them with explanations.Must use (cite) the FASB Codification as well as include an Excel analysis.
investment-practicum-jay3zxst.pdf
Answered Same Day Nov 13, 2021

Solution

Kushal answered on Nov 13 2021
136 Votes
Inconsistencies-
In the reclassification of the securities, under IFRS, the classification from and to Held for trading is severely restricted. In the list of securities, there have been instances where the securities are changing the category from and out of Held for trading. Apart from this, the securities cannot be reclassified to the Held for trading from the available for the sale securities. These are the major inconsistencies observed.1
Apart from this, as per the new accounting standards , we are doing away with the terms held for trading, available for sale and held to maturity terms and they have been replaced by Fair Value through Profit and loss, fair Value through OCI and Amortised cost respectively.1
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