Which of the following statements is FALSE?
A)Entities are required to present non-strategic investments in equity as financial assets.
B)Financial assets under IFRS 9 are shown at fair value with the difference in fair value going through income.
C)Entities may make an irrevocable election to show the gains and losses of financial assets through other comprehensive income.
D)Under ASPE, all financial investments in shares are reflected at fair value unless the shares trade in a public market.

Question

Quizplus · Accepted Answer

The statement in option D is false. Under ASPE, financial investments in shares are reflected at fair value only if the shares trade in a public market. If they do not, they are accounted for as available-for-sale financial assets or held-to-maturity investments.

Which of the Following Statements Is FALSE