⭐ Important points (exam-critical)
- ⭐Embedded derivatives: separated if not closely related, host not at FVTPL, derivative criteria met.
- ⭐Stage 1 (12-mth ECL), Stage 2 (lifetime ECL, no impairment), Stage 3 (lifetime ECL + credit-impaired).
- ⭐Hedge effectiveness: prospective test; no need for 80-125% range under Ind AS 109.
- ⭐Equity instrument FVOCI election: dividends in P&L, FV changes never recycled.
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