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There is no need to record an impairment loss, since AFS securities are carried at market value.

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Please answer today;Which of the following statements correctly describes the required accounting for an impairment of a financial instrument designated as available for sale (AFS)?;1.;There is no need to record an impairment loss, since AFS securities are carried at market value.;2.;The impairment loss is charged to other comprehensive income, impairment losses cannot be reversed to net income.;3.;The impairment loss is charged to net income, impairment losses cannot be reversed to net income.;4.;The impairment loss is charged to net income, specified impairment losses can be reversed to net income.

 

Paper#20326 | Written in 18-Jul-2015

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