IFRS Flashcards
1
Q
According to the IASB Framework, the financial statement element that is defined as increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in increases in equity, other than those relating to contributions from equity participants, is ______.
A
Income (NB: income includes revenues and gains)
2
Q
Under IFRS, what is the fifth OCI item that is not part of US GAAP?
A
Revaluation surplus, which results when plant assets or intangibles are written up to fair value. The revaluation surplus remains in OCI and is never reclassified as net income.
3
Q
Under IFRS, which items are required disclosure on the income statement?
A
