Under IFRS How Are Unrealized Gains and Losses on Non-Monetary

question 53

Multiple Choice

Under IFRS how are unrealized gains and losses on non-monetary assets contributed to jointly controlled operations recorded assuming that they gain or loss meets the revenue recognition tests under IAS 18:

• A)The amounts are included in deferred gains or losses.
• B)The gain or loss must be eliminated against the underlying assets as a contra account.
• C)No gain or loss can be recognized until the asset is put into use and the asset is generating revenues.
• D)The gain or loss should be recorded immediately as other comprehensive income and transferred to operating income as the non-monetary asset is put into service.

---

Definitions:

College Students

Individuals enrolled in an institution of higher learning to attain degrees or certifications.

Social Psychology Experiments

Research studies designed to understand how people's thoughts, feelings, and behaviors are influenced by the actual, imagined, or implied presence of others.

Norman Triplett

A psychologist known for his work on social facilitation, discovering that presence of others enhances performance on simple tasks.

Max Ringelmann

A French agricultural engineer known for his research into social psychology, particularly the Ringelmann effect which observes that individual productivity decreases as group size increases.