Division 105

When this Standard is first applied, an entity is permitted to designate a previously recognised financial asset as available for sale. For any such financial asset the entity shall recognise all cumulative changes in fair value in a separate component of equity until subsequent derecognition or impairment, when the entity shall transfer that cumulative gain or loss to profit or loss. The entity shall also:

1. (a)

   restate the financial asset using the new designation in the comparative financial statements; and

2. (b)

   disclose the fair value of the financial assets at the date of designation and their classification and carrying amount in the previous financial statements.