Which of the following transactions is not reported as other comprehensive income according to U.S. GAAP?
A) unrealized gains and losses from available-for-sale portfolio of debt investment securities
B) unrealized gains on the upward valuation of property, plant, and equipment
C) adjustments to unrecognized pension costs (benefits)
D) foreign currency translation gains and losses

Question

Quizplus · Accepted Answer

Under U.S. GAAP, unrealized gains on the upward valuation of property, plant, and equipment are not reported as other comprehensive income. This is because U.S. GAAP does not allow for the revaluation of property, plant, and equipment to fair value.

Which of the Following Transactions Is Not Reported as Other