Which one of the following would be classified as anextraordinary item?
Write-down of inventories
Expropriation of property by a foreign government
Gains or losses from sales of equipment
Losses attributed to a labor strike
Which one of the following would be classified as anextraordinary item?
Write-down of inventories |
Expropriation of property by a foreign government |
Gains or losses from sales of equipment |
Losses attributed to a labor strike |
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Related questions
For each of the items below, determine which is US GAAP guidance and which is IFRS guidance. In some instances, the answer is both US GAAP and IFRS, or neither.
| Standard | US GAAP | IFRS | |
| A. | Allows FVO | ||
| Does not allow FVO | |||
| B. | Allows recognition of day-one gains and losses | ||
| Does not allow recognition of day-one gains and losses | |||
| C. | Defines fair value as the transaction price | ||
| Defines fair value as the exit price | |||
| D. | Requires transfer of effective control (including establishing legal isolation, transfer of the right to pledge the assets, and no repurchase obligation) for derecognition of a transferred asset | ||
| Requires transfer of risks and rewards of ownership and a control test to determine whether the transferor retains control over the assets transferred | |||
| E. | Requires that financial instruments be sorted into specific categories for classification and measurement purposes | ||
| Does not require financial instruments to be sorted into specific categories for classification and measurement purposes | |||
| F. | Requires recognition of foreign exchange gains and losses in Net Income for AFS instruments with foreign exchange components | ||
| Require recognition of foreign exchange gains and losses in OCI for AFS instruments with foreign exchange components |
