Commercial Pilot Licence (CPAER) – Canada · Question
A Canadian company using IFRS has an asset that is revalued upwards. The revaluation surplus is recognized in which part of the financial statements?
Under IAS 16, Property, Plant and Equipment, revaluation increases are recognized in other comprehensive income (OCI) and accumulated in equity under the headin
Start free practice for Commercial Pilot Licence (CPAER) – Canada
150 questions · no signup required · 40 free questions per day
Question: A Canadian company using IFRS has an asset that is revalued upwards. The revaluation surplus is recognized in which part of the financial statements?
Answer options:
- Profit or loss. ✅ Other comprehensive income (OCI).
- Retained earnings.
- Statement of cash flows.
Correct answer: Other comprehensive income (OCI).
Explanation: Under IAS 16, Property, Plant and Equipment, revaluation increases are recognized in other comprehensive income (OCI) and accumulated in equity under the heading of revaluation surplus, unless it reverses a previous revaluation decrease recognized in profit or loss.
Start free practice for Commercial Pilot Licence (CPAER) – Canada
150 questions · no signup required · 40 free questions per day
More about Commercial Pilot Licence (CPAER) – Canada
Related Questions
- What is the minimum visibility required for a commercial VFR flight in Class D airspace at or below 3,000 feet
- What is the minimum age requirement to hold a Commercial Pilot Licence in Canada?
- Scenario 1: A commercial pilot conducting an IFR flight in Canadian airspace must hold which of the following
- Scenario 2: What is the minimum visibility required for a commercial VFR flight in Class D airspace at or belo
- Scenario 3: When flying over an unpopulated area, at what minimum altitude must a commercial aircraft be opera
- Scenario 4: The altimeter setting region in Canada extends from ASL to:
More for Commercial Pilot Licence (CPAER) – Canada candidates
Question explanations
- What is the minimum visibility required for a commercial VFR flight in Class D airspace at or below 3,000 feet
- What is the minimum age requirement to hold a Commercial Pilot Licence in Canada?
- Scenario 1: A commercial pilot conducting an IFR flight in Canadian airspace must hold which of the following
- Scenario 2: What is the minimum visibility required for a commercial VFR flight in Class D airspace at or belo
Ready to practice?
Free, no signup required. Build a wrong-question list as you go.
Start Free Commercial Pilot Licence (CPAER) – Canada Practice →Related courses
Other Canadian certifications candidates often prepare for alongside this one.