Which of the Following Statements Is Not in Accordance with AAS

question 47

Multiple Choice

Which of the following statements is not in accordance with AAS 25 "Financial Reporting by Superannuation Plans" with respect to asset of superannuation plans?

• A) Requirement to include changes in net market values of assets realised during the reporting period in revenue means that a gain or loss on the disposal of non-current assets will always be zero.
• B) Requirement to include changes in the net market value of assets as a component of revenue means that revaluation of assets is not permitted.
• C) Smoothing techniques are to be applied to the measurement of assets as it is necessary to ensure that assets included in financial reports, and changes in the net market values of those assets, are measured on a basis which is both consistent and verifiable.
• D) Where a market does not exist for long-term monetary assets, the calculation of net market value will require the determination of a present value by application of a current, market-determined, risk-adjusted discount rate.
• E) All of the given answers.