Which of the Following Is/aretrue

question 140

Multiple Choice

Which of the following is/aretrue?

• A)Both U.S.GAAP and IFRS provide for the option of reporting selected financial assets and financial liabilities at fair value and recognizing gains and losses in net income as fair values change.
• B)Once elected, the fair value option is irrevocable for the instrument to which the firm applies it.
• C)Both U.S.GAAP and IFRS require measurement at fair value with changes included in income for three items: (1) trading securities, (2) fair value hedges, (3) derivatives not designated as hedges.
• D)Firms can elect the fair value option for the following items: (1) bonds held to maturity, (2) available-for-sale securities, and (3) cash flow hedges.
• E)all of the above

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Definitions:

Earl Warren

An influential American jurist and politician who served as the 14th Chief Justice of the United States, known for landmark decisions on civil rights, including Brown v. Board of Education.

Cold War

The period of geopolitical tension between the Soviet Union and the United States and their respective allies, from the end of World War II until the dissolution of the Soviet Union in 1991.

Procedural Memories

Memory of how to perform tasks, such as walking or riding a bicycle, often recalled without conscious awareness.

Motor Movement

The physical action resulting from the contraction of muscles, usually in response to a stimulus or as part of coordinated movement.