The Superseded Version of AASB 1023 Required That Investments That

question 30

Multiple Choice

The superseded version of AASB 1023 required that investments that are integral to the entity's general insurance activities should be:

• A) Measured at net market value, with any changes being treated as an adjustment to equity through reserves.
• B) Measured at current replacement cost and depreciated so that the expense of the period is matched against premium revenue.
• C) Measured at net market value, with any changes treated as a revenue or expense of the period.
• D) Measured at the lower of cost and recoverable amount, with any amounts written off treated as an expense of the period.
• E) None of the given answers.

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Definitions:

J1939 Data Bus

A communications network protocol based on CAN (Controller Area Network), designed for heavy-duty vehicles to exchange electronic information.

RP 1210 Compliant

A standard indicating compliance with the Recommended Practice 1210, which relates to software interfaces for communicating with heavy-duty vehicle electronics.

Communications Adapter

A communications adapter is a hardware device that facilitates the connection and data transmission between a computer or network and another type of communication system.

J1939 Connection

A standard for a high-speed network connection used in the heavy-duty vehicle industry for communicating control and diagnostic information.