Which of the Following Are Included in the Scope of AASB

question 4

Multiple Choice

Which of the following are included in the scope of AASB 15/IFRS 15 Revenue from Contracts with Customers?
I. Insurance contracts.
II. Subscriptions.
III. Accounting for investments in associates.
IV. Accounting for share of joint venture revenue.

• A) II only.
• B) II and IV only.
• C) I and IV only.
• D) II and III only.

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Definitions:

Net Monetary Assets

The difference between monetary assets and monetary liabilities, used to assess liquidity position.

Exchange Gain

The profit realized from the sale of securities or foreign exchange transactions when the exchange rate moves in a favorable direction.

Functional Currency

The primary currency used by a business or unit in its financial transactions, reflecting the economic environment in which it primarily operates.

Foreign Subsidiary

A company that is owned or controlled by another company (parent company) and is located in a different country.