Gamma SA holds a debt security measured at FVOCI, whose carrying amount (fair value at the last measurement) is 500,000. The cumulative gain in OCI is 30,000. Gamma sells the security for 520,000. Calculate the difference between the consideration and the carrying amount, then the total effect of derecognition on profit or loss after recycling the cumulative amount in OCI.
- Consideration received
- 520,000
- Carrying amount of the security (fair value)
- 500,000
- Cumulative gain in OCI
- 30,000