By applying the definition provided in AASB 121 The Effects of Changes in Foreign Exchange Rates, the following items will be regarded as a monetary item:
A) property, plant and equipment;
B) land and buildings;
C) inventory;
D) accounts receivable.

Question

Quizplus · Accepted Answer

Accounts receivable are considered monetary items since they represent a right to receive a fixed or determinable amount of money in the future. The other items listed (property, plant and equipment, land and buildings, and inventory) are non-monetary items since they do not represent a fixed or determinable amount of money.

By Applying the Definition Provided in AASB 121 the Effects