Kindly confirm the treatment of impairment of financial instrument held as AFS:
Before Impairment (asset is a Bond)
Asset at Fair Value 9050
Asset Face Value 10000
Fair value deficit (in equity) 950
When impaired entry is made:
Impairment expense (In PnL) DR 950
Deficit on fair value (In equity) Cr 950
Before Impairment (asset is a Bond)
Asset at Fair Value 9050
Asset Face Value 10000
Fair value deficit (in equity) 950
When impaired entry is made:
Impairment expense (In PnL) DR 950
Deficit on fair value (In equity) Cr 950