Which of the following items is not an example of items reportable under other comprehensive income

Changes in revaluation surplus.

Actuarial gains and losses on defined contribution plans

Gains and losses arising from translating the financial statements of a foreign operation

The effective portion of gains and losses on hedging instruments in a cash flow hedge.

Expert Solution

Option A is correct

1. Under IFRS, a company may increase the carrying value of its fixed assets (called “writing them up”) if the fair value of that class of assets is materially different from its carrying value. The increase in the value is recognized in Other Comprehensive Income and carried in the equity section of the balance sheet as a Revaluation Surplus.

2. If the revaluation is the recovery of a previously recognized loss when the asset was impaired, the revaluation gain is reported on the income statement.

Hence changes in revaluation surplus always cannot be reported in other comprehensive income .It differs from above two situations.

ekkarill92 answered 2 years ago

What is included in other comprehensive income? Why are items included in other comprehensive income, but...

What is included in other comprehensive income? Why are items included in other comprehensive income, but not included in net income? Should these items be included in net income or not included at all? Explain your answer.

which of the following is least likely to be included in accumulated other comprehensive income as...

which of the following is least likely to be included in accumulated other comprehensive income as a component of stockholders equity? a. foreign currency transaction gain. b. net unrealized changes in the value of available for - sale securities. c. net gain or loss from derivative cash flow hedged. d. Pension plan prior to service cost adjustment.

1. Discuss the purpose of other comprehensive income and accumulated other comprehensive income.

What is Other Comprehensive Income?

What is Other Comprehensive Income? What constitutes OCI? For what reason reasons do transactions/accounts hit in there versus regular income. Why OCI accounts are listed as part of equity, not income? What is the logic for this? Why are they listed in the chart of accounts and ledger as equity accounts? (OCI transactions/accounts hit the income statement)

Which of the following items is NOT an example of an item that would be reported as Other Financing Sources/Uses in the General Fund?

Which of the following items is NOT an example of an item that would be reported as Other Financing Sources/Uses in the General Fund?$10 million received from the issuance of bonds.$7,000 received from the sale of a used bulldozer.$200,000 capital lease obligation for a new bulldozer.$100,000 paid to a Motor Pool Internal Service Fund for automobile usage during the period.

Should other comprehensive income be eliminated? Why or why not?

Which of the following items are listed as separate line items on an income statement in...

Which of the following items are listed as separate line items on an income statement in order to facilitate analysis and understanding? (Select all that apply.) A gain on sale of a major division of a company An increase in the sale price by more than 20% The effect on prior years of change in depreciation method A loss due to fire

33. All of the following statements regarding other comprehensive income are true except: Select one: a....

33. All of the following statements regarding other comprehensive income are true except: Select one: a. Other comprehensive income includes unrealized gains and losses on available-for-sale securities b. Other comprehensive income is added or subtracted to net income to determine comprehensive income c. Other comprehensive income includes foreign currency adjustments d. A Statement of Comprehensive Income can be presented separate from the Income Statement e. Other comprehensive income is part of the Statement of Retained Earnings 36. A cash equivalent...

Reporting and Analyzing Derivatives Assume Johnson & Johnson reports the following schedule of other comprehensive income...

Reporting and Analyzing Derivatives Assume Johnson & Johnson reports the following schedule of other comprehensive income in its 2011 10-K report ($ millions): ($ in millions) Foreign currency translation Gains/(Losses) on Securities Employee Benefit Plans Gains/(Losses) on Derivatives & Hedges Total Accumulated Other Comprehensive Income/(Loss) January 3, 2010 $(409) $(10) (1,335) $125 $(1,629) 2010 changes Unrealized gain (loss) -- 89 -- (250) Net amount reclassed to net earnings -- (45) -- 188 Net 2010 changes (232) 44 (21) (62) (271)...

Ted purchased a comprehensive insurance policy for his car. Which of the following is an example...

Ted purchased a comprehensive insurance policy for his car. Which of the following is an example of moral hazard? Because of his insurance coverage, Ted replaced his worn-out tires with Michelin tires. Because of his insurance coverage, Ted uses a designated driver for the nights he spends bar hopping. Because of his insurance coverage, Ted avoids driving when the roads are icy. Because of his insurance coverage, Ted no longer locks his car doors.

Question