Under IFRS, AFS assets are defined as being all financial assets that do not fall into one of the other categories. As such, the treatment closely follows that of US GAAP. Gains or losses from revaluation of the asset are put through a reserve in [[Shareholders' equity]], except to the extent that any losses are assessed as being permanent and the asset is therefore impaired (under [[IAS 39]], paragraph 58), or if the asset is sold or otherwise disposed of. If the asset is impaired, sold or otherwise disposed of, the revaluation gain or loss implicit in the transaction is recognised as a revenue or expense, however this treatment has been overridden by the new provisions as laid down under IFRS 9 according to which re-measurement gain or loss shall be transferredrecognized withinunder equityother onlycomprehensive income whether it be upondue disposalto ornormal impairmentmarket offluctuations theor financial asset"impairment". ThereFurther , there shall be no recycling of the re-measurement gains or losses from other comprehensive income to profit and loss in literally any circumstances.
