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Which of the following is not true about the fair value option (FVO)? Once elected, the FVO is irrevocable. The FVO can be applied to

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Which of the following is not true about the fair value option (FVO)? Once elected, the FVO is irrevocable. The FVO can be applied to equity investments. Electing the fair value option for held-to-maturity investments is equilavent to reclassifying those investments as trading securities The FVO only applies to financial assets but not financial liabilities

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