Whether a company elects the fair value option for long-term liabilities and if it can report the unrealized gains and losses in other comprehensive income.

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Answer 1

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Chapter 14, Problem 14.15Q

To determine

To explain: Whether a company elects the fair value option for long-term liabilities and if it can report the unrealized gains and losses in other comprehensive income.

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If a company has elected the fair value option, where are gains and losses resulting from adjusting these accounts to fair value reported? Group of answer choices Unrealized Gains are reported as part of Other Comprehensive Income while Unrealized losses are reported as part of Net Income. Unrealized Gains and Losses are both reported as part of Net Income. Unrealized Gains are reported as part of Net Income, while Unrealized Losses are reported as part of Other Comprehensive Income. Unrealized Gains and Losses are both reported as part of Other Comprehensive Income.

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.

Is unrealized loss deducted in marketable equity securities held as financial asset at fair value through other comprehensive income?

Answer 2

Question

Chapter 14, Problem 14.15Q

To determine

To explain: Whether a company elects the fair value option for long-term liabilities and if it can report the unrealized gains and losses in other comprehensive income.

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Answer 3

Question

Chapter 14, Problem 14.15Q

To determine

To explain: Whether a company elects the fair value option for long-term liabilities and if it can report the unrealized gains and losses in other comprehensive income.

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Answer 4

Question

Chapter 14, Problem 14.15Q

To determine

To explain: Whether a company elects the fair value option for long-term liabilities and if it can report the unrealized gains and losses in other comprehensive income.

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Answer 5

Chapter 14, Problem 14.15Q

To determine

To explain: Whether a company elects the fair value option for long-term liabilities and if it can report the unrealized gains and losses in other comprehensive income.

Answer 6

Chapter 14, Problem 14.15Q

To determine

To explain: Whether a company elects the fair value option for long-term liabilities and if it can report the unrealized gains and losses in other comprehensive income.

Answer 7

Chapter 14, Problem 14.15Q

To determine

To explain: Whether a company elects the fair value option for long-term liabilities and if it can report the unrealized gains and losses in other comprehensive income.

Answer 8

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Answer 11

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Whether a company elects the fair value option for long-term liabilities and if it can report the unrealized gains and losses in other comprehensive income.

Solution Summary: The author explains whether a company elects the fair value option for long-term liabilities and if it can report the unrealized gains and losses in other comprehensive income.

To explain: Whether a company elects the fair value option for long-term liabilities and if it can report the unrealized gains and losses in other comprehensive income.

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Chapter 14 Solutions