AASB 1023 Specifies How Classes of Assets Are to Be

question 31

Multiple Choice

AASB 1023 specifies how classes of assets are to be measured.These requirements include that:

• A) recoveries receivable and operating assets be recorded at historical cost.
• B) financial assets within the scope of AASB 9 be measured at depreciated net market value at balance date and recoveries receivable be at their nominal amount.
• C) financial assets within the scope of AASB 9 be measured at fair value through profit and loss on first application of this standard, or on initial recognition.
• D) deferred acquisition costs and recoveries receivable be measured at their discounted present value.

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Definitions:

Educational Standards

Official specifications regarding what students should know and be able to do at various stages of their education.

ABA Standards

Guidelines and standards set forth by the American Bar Association to ensure professional conduct and quality legal education among its members and affiliated institutions.

Certified Paralegals

Individuals who have met specified educational and testing criteria to prove their qualifications in legal tasks and responsibilities.

NALA

An acronym for the National Association of Legal Assistants, which is a professional organization that represents the interests of paralegals and legal assistants.