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Questions and Answers
What type of income and expenses are included in Other Comprehensive Income?
What type of income and expenses are included in Other Comprehensive Income?
- Items that are only included in Retained Earnings
- Items that are not included in Profit and Loss as required by a standard or interpretation (correct)
- Items that are directly included in Profit and Loss
- Items that are only included in the Balance Sheet
What type of OCI items are reclassified to Retained Earnings?
What type of OCI items are reclassified to Retained Earnings?
- Remeasurement gains and losses for defined benefit plans
- Unrealized gain or loss on debt investments measured at fair value
- Unrealized gain or loss on equity investments measured at fair value (correct)
- Translation gains and losses of foreign operations
What should be disclosed in the statement of comprehensive income as allocations of profit or loss for the period?
What should be disclosed in the statement of comprehensive income as allocations of profit or loss for the period?
- Total comprehensive income for the period
- Components of OCI that will be reclassified subsequently to Retained Earnings
- Profit or loss for the period attributable to Minority interest and Owners of the parent (correct)
- Components of OCI that will be reclassified subsequently to profit or loss
How can an entity present items of income and expense recognized in a period?
How can an entity present items of income and expense recognized in a period?
What is not a component of OCI that will be reclassified subsequently to profit or loss?
What is not a component of OCI that will be reclassified subsequently to profit or loss?
What is the purpose of the nature of expense method?
What is the purpose of the nature of expense method?
What is an example of a component of OCI that will be reclassified subsequently to Retained Earnings?
What is an example of a component of OCI that will be reclassified subsequently to Retained Earnings?
What should an entity disclose when classifying expenses by function?
What should an entity disclose when classifying expenses by function?
What items should not be presented by an entity, either on the face of the income statement or in the notes?
What items should not be presented by an entity, either on the face of the income statement or in the notes?
What should a statement of changes in equity show, among other things?
What should a statement of changes in equity show, among other things?
