Which of the Following Statements Is Incorrect? Under AASB 139

question 6

Multiple Choice

Which of the following statements is incorrect? Under AASB 139:

• A)debentures must initially be recorded at fair value
• B)transactions costs must never be incorporated into the carrying amount of debentures
• C)in the case of par issues the fair value is usually the same as the par amount
• D)premium or discount on issue should not be recognised as a revenue or expense in the period in which the debenture is issued

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Definitions:

Fort Worth, TX

A city in the U.S. state of Texas, known for its rich history in the cattle ranching industry and vibrant cultural scene.

Stockyards

Designated areas where livestock are held temporarily before being slaughtered, sold, or shipped to another location.

Ranch Hands

Workers responsible for the maintenance and operations of a ranch, including caring for livestock.

Increase Prices

The action of raising the selling price of products or services, typically to reflect increased costs or improved value.