Choice "A" is correct. When investment property is reported at cost less accumulated depreciation, fair value must be disclosed.
Choice "b" is incorrect. This statement is incorrect. Investment property may be reported at cost less accumulated depreciation or fair value. When investment property is reported at fair value, it is not depreciated.
Choice "c" is incorrect. This statement is incorrect. Gains and losses from investment property fair value adjustments are reported on the income statement. Revaluation gains on fixed assets not classified as investment property are reported in other comprehensive income.
Choice "d" is incorrect. This statement is incorrect. The best evidence of investment property fair value is current prices in an active market for similar property in the same location and condition. If this information is not available, the present value of future cash flows may be used to determine fair value.