Final answer:
Fancy Imports should report the newly issued Class B stock in the equity section of the company's statement of financial position, as per IFRS guidelines. Stocks are not listed in the current account, but dividends from them would be.
Step-by-step explanation:
Fancy Imports, which applies IFRS, issued Class B stock and should report this stock in equity within the company's statement of financial position. Stocks represent ownership in a company and are classified as equity rather than debt. According to the International Financial Reporting Standards (IFRS), the issuance of shares is recorded in the equity section of a company's statement of financial position, separate from the current account, which details the company's liquid assets.
It is important to note that while the value of the stocks themselves doesn't appear in the current account, dividends paid on these stocks would be recorded as income in the current account, affecting the company's financial performance.