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Basic Question 11 of 11
Unrealized gains and losses on available-for-sale debt securities that arise due to exchange rate movements should be reported ______.
II. on the balance sheet under IFRS
III. in the income statement under U.S. GAAP
IV. on the balance sheet under U.S. GAAP
I. in the income statement under IFRS
II. on the balance sheet under IFRS
III. in the income statement under U.S. GAAP
IV. on the balance sheet under U.S. GAAP
User Contributed Comments 6
| User | Comment |
|---|---|
| kutta2102 | I'm going to miss every question on exam that has to deal with IFRS - I'll take my chances to remember only US GAAP principles. What do you guys think? |
| viannie | kutta2102, learn from one direction, but know the other. What I mean is learn with respect to US GAAP. IFRS is important, so know the difference with respect to US GAAP. CHeck out questions in curriculum reading 43 ... all from aspects of IFRS. No harm know a little on it ;) |
| CFunder | By default I think we are to assume IFRS if nothing is stated. |
| gmilchev | IFRS is the default one. |
| johntan1979 | Is that true? I thought this is a US-based exam, so always assume local default i.e. US GAAP. Besides, most notes and the textbook implies US GAAP when none of the two is explicitly stated, and mentions IFRS only when it's not GAAP. |
| Freddie33 | I also assumed GAAP was the one that was assumed if not stated |
I was very pleased with your notes and question bank. I especially like the mock exams because it helped to pull everything together.
Martin Rockenfeldt
Learning Outcome Statements
explain the financial reporting and disclosures related to financial instruments
CFA® 2024 Level I Curriculum, Volume 2, Module 3.