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non derivative financial assets other than those designated at fair value through pr 598090

HSBC Holdings plc (2011)

Notes on the Financial Statements [extract]

2. Summary of significant accounting policies [extract]

(e) Reclassification of financial assets [extract]

Non-derivative financial assets (other than those designated at fair value through profit or loss upon initial recognition) may be reclassified out of the fair value through profit or loss category in the following circumstances:

  • financial assets that would have met the definition of loans and receivables at initial recognition (if the financial asset had not been required to be classified as held for trading) may be reclassified out of the fair value through profit or loss category if there is the intention and ability to hold the financial asset for the foreseeable future or until maturity; and
  • financial assets (except financial assets that would have met the definition of loans and receivables at initial recognition) may be reclassified out of the fair value through profit or loss category and into another category in rare circumstances.

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