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Explain how the preceding transaction should be shown

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Question - Triumph Corp, an entity publicly quoted on a stock exchange, owns 15% of the equity capital of Glee Inc. This equity investment is classified as "available for sale" under PFRS 9. The year-end of Triumph Corp is December 31, 2021, and an interim report has been prepared at June 30, 2021, using PAS 34. At January 1, 2021, the fair value of the investment in Glee Inc was Php2 million. The investment in Glee Inc was deemed to be impaired at June 30, 2021, and an impairment loss of Php500,000 was determined at that date. However, at December 31, 2021, the fair value of the investment in Glee Inc had risen to Php2.3 million.

Required - Explain how the preceding transaction should be shown in the financial statements for the period to December 31, 2021.

Reference no: EM133041800

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