24. Which statement is incorrect regarding other comprehensive income? a. Other comprehensive income comprises items of income and expenses (including reclassification adjustments) that are not recognized in profit or loss as required or permitted by other PFRSs. b. An entity may present items of other comprehensive income either net of related tax effects or before related tax effects with one amount shown for the aggregate amount of income tax relating to those items. c. Reclassification adjustments are amounts reclassified to profit or loss in the current period that were recognized in other comprehensive income in the current or previous periods. d. Reclassification adjustments arise on all items of other comprehensive income.
24. Which statement is incorrect regarding other comprehensive income?
a. Other comprehensive income comprises items of
income and expenses (including reclassification adjustments) that are not recognized in profit or loss as required or permitted by other PFRSs.
b. An entity may present items of other comprehensive income either net of related tax effects or before related tax effects with one amount shown for the aggregate amount of income tax relating to those items.
c. Reclassification adjustments are amounts reclassified to profit or loss in the current period that were recognized in other comprehensive income in the current or previous periods.
d. Reclassification adjustments arise on all items of other comprehensive income.
25. The other comprehensive income section shall present line items for amounts of other comprehensive income in the period, classified by nature (including share of the other comprehensive income of associates and joint ventures accounted for using the equity method) and grouped into those that, in accordance with other PFRSs:
a. Will not be reclassified subsequently to profit or loss.
b. Will be reclassified subsequently to profit or loss when specific conditions are met.
c. Both a and b.
d. Neither a nor b.
26. The accountant for Indra Ltd (Indra) has determined the following information for the year ended 30 June
2020.
Profit or loss P300,000
Share of total comprehensive income
(after tax) of associates 20,000
Share of profit (after tax) of associates 15,000
Exchange difference gain (net of tax of P3,000) on translation of foreign operation up to the date sold
(1 March 2020) 7,000
Exchange difference gain (net of tax of
P9,000) on disposal of foreign operation recognized in profit for the year 21,000
Increase in asset revaluation surplus
(net of tax) 45,000
What is the total amount of other comprehensive income for Indra for the year ended 30 June 2020? P__________
Use the following information for the next five questions. An entity reported the following data for the current year:
Net sales 9,500,000
Cost of goods sold 4,000,000
Selling expenses 1,000,000
Administrative expenses 1,200,000
Interest expense 700,000
Gain from expropriation of land 500,000
Income tax 800,000
Income from discontinued operations 600,000
Unrealized gain on equity investment
at FVOCI 900,000
Unrealized loss on forward contract
designated as a cash flow hedge 400,000
Increase in projected benefit obligation due to actuarial
assumptions 300,000
Foreign operation FS translation
adjustment - debit 100,000
Revaluation surplus 2,500,000
QUESTIONS:
27. What amount should be reported as income from continuing operations?
a. P3,100,000 c. P2,300,000
b. P2,900,000 d. P1,800,000
28. What amount should be reported as net income? P_____
29. What net amount should recognized in other comprehensive income for the year? P__________
30. What net amount in OCI should be presented as "may not be recycled to profit or loss?
a. P3,700,000
b. P3,100,000
c. P3,400,000
d. P2,700,000
31. What amount should be reported as comprehensive income? P__________
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