ACCA Applied Knowledge · Financial Accounting · The main elements of financial statements
Which of the following items would be reported as other comprehensive income rather than in profit or loss for the year, under IFRS?
A revaluation gain on property, plant and equipment is reported in other comprehensive income and held in the revaluation surplus. Depreciation, overdraft interest and a loss on disposal of a vehicle are all recognised within profit or loss.
- ADepreciation charge on a building
- BGain on revaluation of an item of property, plant and equipmentCorrect
- CInterest paid on a bank overdraft
- DLoss on disposal of a motor vehicle
Explanation
Revaluation gains on property, plant and equipment are recognised in other comprehensive income and accumulated in a revaluation surplus. Depreciation, interest expense and a disposal loss are all recognised in profit or loss.
Did you get it right without looking?
One question tells you little. A timed set on The main elements of financial statements shows your real accuracy, how long you take and where you lose marks.
More The main elements of financial statements questions
- Which of the following items would be recognised as income in the statement of profit or loss rather than as a gain on revaluation in other …
- Which of the following is a correct reason for classifying a liability as current in the statement of financial position?
- Which of the following is a liability of Kestrel Co at the reporting date?
- Which of the following items would NOT meet the Conceptual Framework definition of a liability at the reporting date?
- Which of the following items would be presented within equity in a company's statement of financial position?
- Dalton Co had opening equity of $200,000 and closing equity of $245,000. During the year the owners introduced $30,000 of new capital and Da…