Which of the following is false?
(a) Under GAAP, companies cannot record gains on transactions involving their own shares.
(b) Under IFRS, companies cannot record gains on transactions involving their own shares.
(c) Under GAAP, the income statement is presented in a one- or two-statement format.
(d) Under IFRS, a company records a revaluation surplus when it experiences an increase in the price of its ordinary shares.