Fair value option (under the equity method)

CFA Level II FRA
#1

  1. when you go from cost method (fair value method) to equity method (and choose FVO), do you have an option to continue reporting using the cost method?

  2. after initial recording of the investment using fair value (under the FVO equity method), are unrealized G/L treated differently under IFRS and US GAAP (P&L vs OCI)?