Current Attempt in Progress X Incorrect. This is a true statement. The unrealized holding gain or loss is included in net income. The untrue statement is that the fair value option can be elected at the time the financial instrument is originally recognized or when some event triggers a new basis of accounting. Which of the following is not true with regard to the fair value option? Fair value provides more relevant information than historical cost because it reflects the financial instrument's current cash equivalent value. The unrealized holding gain or loss is calculated as the net change in fair value from one period to the noxt. The fair value option must be elected at the time the financial instrument is originally recognized. The unrealized holding gain or loss is included in net income. eTextbook and Media