AASB 141 States That Where No Active Market Exists Fair

question 61

Multiple Choice

AASB 141 states that where no active market exists fair value may be determined by:

• A) The most recent market transaction price, irrespective of any changes to economic conditions.
• B) Market prices for similar assets without adjustments to reflect differences.
• C) Sector benchmarks expressed in relevant units for that type of asset.
• D) Using net present values calculated at the current-market determined post-tax rate.
• E) None of the given answers.

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Definitions:

Catacomb

Underground cemetery consisting of a subterranean network of tunnels and rooms with recesses for tombs, used primarily in ancient Rome.

Praying

The act of communicating with a deity or spiritual being in thought or out loud, often seeking guidance, assistance, or expressing gratitude.

Lunette

A semicircular area (with the flat side down) in a wall over a door, niche, or window; also, a painting or relief with a semicircular frame.

Heavenly Reward

The ultimate spiritual or divine recompense believed to be bestowed upon individuals after death based on their earthly lives and deeds.