Following IFRS, which statement is false? Group of answer choices The revaluation surplus account is a specific account reported as an unrealized gain in the statement of comprehensive income. If the revaluation initially increases the long-term operating asset's carrying value, the firm records the difference between the carrying value and the fair value (the unrealized gain) in the revaluation surplus account. The revaluation surplus account is a specific account reported in other comprehensive income (OCI) in the statement of comprehensive income. If a long-term operating asset's fair value decreases in subsequent accounting periods, after an earlier write-up, the firm reduces the revaluation surplus if it exists.

Which of the following is not one of the components of other comprehensive income?   a. changes in revaluation surplus b. remeasurements of the net defined benefit liability (asset) unrealized gains and losses on FVPL c. translation gains and losses on foreign operation d. effective portion of gains and losses on hedging instruments on a cash flow hedge

Select the investment accounting approach with the ­correct valuation approach:     Not Held-for-Collection   Held-for-Collection a.  Amortized cost  Amortized cost b.  Fair value  Fair value c.  Fair value  Amortized cost d.  Amortized cost  Fair value

What is the default classification for an equity investment? A  Fair value through profit or loss B  Fair value through other comprehensive income C  Amortised cost D  Net proceeds

3.

Between adjusted balance sheet technique, excess earnings method, capitalized earnings approach, and discounted future earnings approach which is the best method to use in obtaining a value for PolicePrep? Explain why?

Which of the following is an assumption made in the preparation of the financial statements? Select one: a. The current market value is assumed to be less relevant than the original cost paid. b. Financial statements are prepared for a specific entity that is distinct from the entity's owners. c. The preparation of financial statements for a specific time period assumes that the balance sheet covers a designated period of time. d. Financial statements are prepared assuming that inflation

Please answer with reason for all why the option is correct and why the other options are incorrect

4. Which of the following is not a component of other comprehensive income?a. Unrealized gain on equity investment measured at fair value through other comprehensive incomeb. Revaluation lossc. Unrealized gain from derivative contracts designated as cash flow hedged. Loss from translation of the financial statements of a domestic operation 5. Which of the following is a component of other comprehensive income?a. Unrealized loss from derivative contracts designated as fair value hedge.b. Unrealized loss on debt investment measured at fair value through other comprehensive incomec. Gain from translation of the financial statement of a domestic operation.d. Remeasurements of defined obligation plan, including accrual gain 6. Statement of comprehensive income can be presented asa. Two statements or single statement of comprehensive incomeb. Single statement of comprehensive income onlyc. Two statement of income statement or statement of comprehensive income onlyd. Statement of…

The gain or loss on the net monetary position in a hyperinflationary economy shall be included in: a. Profit or loss and separately disclosed b. Retained earnings c. Equity d. Other comprehensive income