Which of the Following Statements Is Not in Accordance with AASB

question 19

Multiple Choice

Which of the following statements is not in accordance with AASB 6 "Exploration for and Evaluation of Mineral Resources"?

• A) An entity shall classify exploration and evaluation assets as tangible or intangible according to the nature of the assets acquired and apply the classification consistently;
• B) Exploration and evaluation assets shall be assessed for impairment when facts and circumstances suggest that the carrying amount of an exploration and evaluation asset may exceed its recoverable amount.
• C) When the carrying amount exceeds the recoverable amount, an entity shall measure, present and disclose any resulting impairment loss.
• D) An entity is not permitted to change its accounting policies for exploration and evaluation expenditures even if the change makes the financial report more relevant to the economic decision-making needs of users.
• E) None of the given answers.

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Definitions:

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