Which of the following statements is incorrect?
A)Under the revaluation model, the carrying amount of property, plant and equipment is adjusted to reflect its fair value.
B)With the revaluation model, revaluation gains are recorded in Other Comprehensive Income.
C)Companies can chose to use the cost model or the valuation model for investment properties.
D)Other Comprehensive Income is closed to Retained Earnings.

Question

Quizplus · Accepted Answer

Other Comprehensive Income is not closed to Retained Earnings. Instead, it is reported in a separate section of the Statement of Comprehensive Income.

Which of the Following Statements Is Incorrect