The two most common measures for assets and liabilities used in AASB accounting standards are:
A)market value and cost.
B)cost and fair value.
C)current replacement cost and fair value.
D)fair value less costs to sell and cost.

Question

Quizplus · Accepted Answer

AASB accounting standards commonly use the measures of cost and fair value for assets and liabilities. Cost measures historical transactions or acquisition costs, while fair value measures the current market value of an asset or liability. The use of fair value is becoming increasingly common in AASB standards, particularly for financial instruments and investment properties.

The Two Most Common Measures for Assets and Liabilities Used