In Applying AASB 101, the Term 'Class of Non-Current Asset

question 8

Multiple Choice

In applying AASB 101, the term 'class of non-current asset' means:

• A)the line items specified by AASB 101.68
• B)is not defined
• C)is the same as that in the old AASB 1041
• D)the classification adopted by IOSCO, the international association of securities regulators

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Definitions:

Cognitive Development

involves the mental processes related to acquiring knowledge and comprehension, including thinking, knowing, remembering, and problem-solving.

Social Development

The process by which individuals learn the values, norms, and behaviors required to interact effectively within their society.

Conventional

Reflecting or pertaining to societal norms, standards, or attitudes that are widely accepted and practised.

Obligation

A duty or commitment to perform or refrain from performing some action.