【每日一练】CFA 一级（2015年）

Question：

Assume a company has the following portfolio of marketable securities, which were acquired at the end of last year: 

If the company reports under IFRS compared with US GAAP, its net income in the current year will most likely be: 
A. €500,000 lower.
B. the same. 
C. €500,000 higher.

Answer = B 
Whether securities are classified as held for trading or available for sale, they are measured at their fair value on the balance sheet. All gains/losses on held-for-trading securities are reported on the income statements, whereas the unrealized gains/losses on available-for-sale securities are reported in equity. This treatment is the same for both IFRS and US GAAP reporting. 

CFA Level I 
"Understanding Income Statements," Elaine Henry and Thomas R. Robinson 
Section 8 
"Understanding Balance Sheets," Elaine Henry and Thomas R. Robinson 
Section 4.5 

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