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Which is correct for ifrs

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Reference no: EM132651926

Question 1: A firm follows IFRS and revalues an identifiable intangible asset. The asset had an original cost of $1 million, was written down to $800,000 two years ago and today is revalued at $1.2 million. Which of the following is correct?

Group of answer choices

A) A gain of $200,000 will be reflected on the income statement and a gain of $200,000 will flow directly into equity, bypassing the income statement

B) A gain of $400,000 will flow directly into equity, bypassing the income statement

C) A gain of $400,000 will be reflected in the income statement

D) No gain will be realized since revaluations that are increases are not allowed under IFRS

Reference no: EM132651926

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