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| When a passive investment in marketable equity securities is classified as available-for-sale: A. US GAAP requires that unrealized gains and losses are reported on the income statement, while under IFRS the firm can elect to report on either the income statement or in comprehensive income on the balance sheet. B. IFRS requires that unrealized gains and losses are reported in comprehensive income on the balance sheet, while under US GAAP the firm can elect to report on either the income statement or in comprehensive income on the balance sheet. C. US GAAP and IFRS require that unrealized gains and losses are reported as equity in other comprehensive income on the balance sheet. |