Answered Questions

Date Submitted	21-Jul-10
Category	Financial Accounting & Reporting
Heading	CLP Page 70 Unit 2
Question	Dear Tutor, for discountinuing a hedge. the CLP states :' if the hedged item is no longer expected to occur, the amount remaining in equity must be ... to the statement of comprehensive income.." i thought the hedged item should be recognised in the asset and liability section unless those adjustments for cash flow hedges, but why CLP stays the amount remains in equity must be take to comprehensive income?
Answer	It is referring to a forecast transaction which will now not occur, so there will not be an asset or liability.