Which of the following requirements is in line with the requirements set out in IAS 28 Investments in Associates and Joint Ventures for the treatment of unrealized gains and losses on non-monetary assets contributed to jointly controlled operations?
A) The amounts are included in deferred gains or losses.
B) The gain or loss must be eliminated against the underlying assets as a contra account.
C) No gain or loss can be recognized until the asset is put into use and the asset is generating revenues.
D)The gain or loss should be recorded immediately as other comprehensive income and transferred to operating income as the non-monetary asset is put into service.

Question

Quizplus · Accepted Answer

Unrealized gains and losses on non-monetary assets contributed to jointly controlled operations should be eliminated against the underlying assets, as per IAS 28.

Which of the Following Requirements Is in Line with the Requirements