BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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UNREALIZED LOSS ON DEBT INVESTMENT AT FVOCI
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UNREALIZED LOSS ON EQUITY INVESTMENT AT FVOCI
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REMEASUREMENT LOSS ON DEFINED BENEFITS PLANS
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REVALUATION SURPLUS
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Detailed explanation-1: -Examples of items recognised in OCI that may be reclassified to profit or loss are foreign currency gains on the disposal of a foreign operation and realised gains or losses on cash flow hedges.
Detailed explanation-2: -There are certain items that are not reclassified to profit or loss according to IFRS Standards. These include revaluation of property, plant and equipment (International Account Standard (IAS®) 16), revaluation of intangible assets (IAS 38), and remeasurements of defined benefit plans (IAS 19).
Detailed explanation-3: -Other Comprehensive Income refers to items of income and expenses that are not recognized as a part of the profit and loss account This Income appears as a line item below the income statement. In simple words it is gain or loss that has not been realized.
Detailed explanation-4: -Other Comprehensive Income (OCI) refers to any revenues, expenses, and gains / (losses) that not have yet been realized. These items, such as a company’s unrealized gains on its investments, are not recognized on the income statement and do not impact net income.