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.

Solutions

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 1 year ago

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