Miller Company, a company who uses IFRS reporting standards, sells a non-current asset classified as held-for-sale. Which of the following statements is true regarding the treatment of a gain on a subsequent increase in the fair value less cost?
A) The gain should not be recognized.
B) The gain should be recognized in full in the income statement.
C) The gain should be recognized but only in retained earnings.
D) The gain should be recognized to the extent that it is not in excess of the cumulative impairment loss that has been recognized.
Correct Answer:
Verified
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