A Swap

question 47

Multiple Choice

A swap

• A)​is not traded on an organized exchange and is customized to meet the needs of the parties.
• B)​is not traded on an organized exchange and is subject to formal regulations which results in standardized contrasts
• C)​is traded on an organized exchange and is subject to formal regulations which results in standardized contrasts.
• D)​is traded on an organized exchange and is customized to meet the needs of the parties.

Understand the requirements for testing E&E assets for impairment.

Grasp the applicability and limitations of the revaluation model for E&E assets.

Identify the appropriate accounting standards relevant to E&E activities.

Recognize the costs that fall within the scope of AASB 6.

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Definitions:

Discontinued Operations

Components of a business that have been sold or otherwise disposed of, and which are reported separately in the financial statements to give a clear view of ongoing operations.

Disposal Group

A set of assets and possibly liabilities that a company plans to dispose of in a single transaction or plan.

IFRS Rules

The set of international accounting standards issued by the International Accounting Standards Board (IASB) that dictate how particular types of transactions and other events should be reported in financial statements.

U.S.GAAP

The Generally Accepted Accounting Principles in the United States, a framework of accounting standards, principles, and procedures used to compile financial statements.