Which of the Following Is Not Within the Scope of AASB

question 22

Multiple Choice

Which of the following is not within the scope of AASB 137?

• A) The treatment of future operating losses
• B) The treatment of contingent assets
• C) The treatment of restructuring provisions arising from a business combination
• D) The treatment of onerous contracts

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Definitions:

Promissory Estoppel

A legal principle preventing a party from withdrawing a promise made to another party, especially if the latter has relied on that promise to their detriment.

Tort of Negligence

A legal claim arising from a breach of the duty of care that results in harm or loss to another person.

Contributory Negligence

A failure to take reasonable care, which contributes to the injury complained of.

Duty of Care

A legal obligation requiring individuals to adhere to a standard of reasonable care while performing acts that could foreseeably harm others.