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Chapters 1-4) 0 Saved Other Comprehensive Income (OCI) is used both in U.S. GAAP and IFRS. Which of the following statements is corre Multiple Choice
Chapters 1-4) 0 Saved Other Comprehensive Income (OCI) is used both in U.S. GAAP and IFRS. Which of the following statements is corre Multiple Choice J:24 Changes in the valuation of property, plant, and equipment create a Revaluation Surplus used in both IFRS and U.S. GAAP. Both IFRS and U.S. GAAP require companies to report in other comprehensive income each period the valuation changes from changes in actuarial estimates affecting defined benefit pension plans. As a general rule, U.S. GAAP allows more opportunities for managers to change balance sheet valuations of certain assets even when management has no intention to sell these assets. U.S. GAAP requires a separate statement of OCI to immediately follow the income statement in the financial reporting statement
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