Accounting Standard AASB 1053 Application of Tiers of Australian Accounting

question 46

Multiple Choice

Accounting standard AASB 1053 Application of Tiers of Australian Accounting Standards became mandatory in:

• A) 2010.
• B) 2014.
• C) 2015.
• D) 2016.

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Definitions:

Cost Reimbursable Contract

A contract where the buyer reimburses the contractor for all legitimate costs incurred plus an additional fee for profit.

Fixed Fee

A fixed fee is a pricing structure where a single set price is agreed upon for a service or project, regardless of the time or resources used.

Cost Reimbursable Contract

A type of contract where the buyer reimburses the seller for the seller's allowable costs, plus a fee representing the seller's profit.

Performance Criteria

Standards or metrics used to evaluate the efficiency, progress, or success of a project, employee, or system against defined objectives.