Following IFRS, Which Statement Is False

question 120

Multiple Choice

Following IFRS, which statement is false?

• A) If the revaluation initially decreases the long-term operating asset's carrying value, the firm reports the difference between the carrying value and fair value as an unrealized loss on the income statement.
• B) If the long-term operating asset's fair value increases in subsequent accounting periods, after an initial write-down, the firm reports the unrealized gain on the income statement, but only to the extent of previously recognized losses.
• C) The revaluation surplus account is reported as other comprehensive income on the statement of comprehensive income.
• D) If the long-term operating asset's fair value increases in subsequent accounting periods, after an initial write-down, the firm reports the unrealized gain in the revaluation surplus account.

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Definitions:

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Zero-Argument Constructor

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A method typically associated with exceptions in Java, used to retrieve the detail message of the exception.