To Account for Financial Instruments,there Are Three Relevant Accounting Standards

question 20

True/False

To account for financial instruments,there are three relevant accounting standards: AASB 7; AASB 132 and AASB 139:

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Definitions:

Discharge

The flow of a fluid, such as water or gas, from a source, including the volume of fluid passing a point per unit of time in rivers or wastewater treatment plants.

Flooded

Flooded describes areas that have been overwhelmed with water beyond normal levels, due to natural phenomena like heavy rains or failure of man-made structures.

Floodplain

Flat land adjacent to a river, prone to flooding during periods of high discharge, which can deposit nutrient-rich sediments beneficial for agriculture.

Mississippi River

one of the longest rivers in North America, flowing southward from its source in Minnesota to the Gulf of Mexico.