U.S.GAAP and IFRS require firms to disclose unrealized gains and losses that historically have bypassed the income statement in a category called _____.
A)net income
B)gross income
C)other comprehensive income
D)accumulated other comprehensive income
E)cash flows from operations

Question

Quizplus · Accepted Answer

Unrealized gains and losses that do not pass through the income statement are reported under "other comprehensive income" according to both U.S. GAAP and IFRS.

USGAAP and IFRS Require Firms to Disclose Unrealized Gains and Losses