AASB 102 Requires That Any Write Down to Net Realisable

question 30

Multiple Choice

AASB 102 requires that any write down to net realisable value:

• A) must be recognised as an expense in the period that the write down occurs
• B) must be reversed when there is clear evidence of an increase in value
• C) must be applied only on an item by item basis
• D) A and B above

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Definitions:

False Memory

An occurrence in psychology where an individual remembers an event that never took place or remembers it in a way that differs from its actual occurrence.

Autobiographical Events

Personal experiences and memories that form an individual's life story, including significant moments, facts, and feelings.

Hippocampus

A part of the brain involved in memory formation, organization, and storage.

Emotion-Provoking Stimuli

Objects, events, or contexts that trigger emotional responses.