International Financial Reporting Standards call for companies to mark the recorded values of certain types of assets and liabilities to fair value each period.These unrealized gains and losses are excluded from net income but included in comprehensive income and include all of the following except

Question

Quizplus · Accepted Answer

The adjustments to fixed assets for depreciation are already accounted for in net income through the calculation of depreciation expenses, and therefore do not need to be included in comprehensive income. Rather, comprehensive income focuses on unrealized gains and losses that are not captured in traditional net income calculations. Choices A, B, and C are all examples of such gains and losses that would be included in comprehensive income.

International Financial Reporting Standards Call for Companies to Mark the Recorded