AASB 117 defines the benefits of ownership to include.
A) Those obtainable from the insurance claims associated with it.
B) Those obtainable from gains in the realisable value of the asset.
C) Those obtainable from the profitable use of the asset.
D) Those obtainable from gains in the realisable value of the asset and those obtainable from the profitable use of the asset.
E) All of the given answers.

Question

Quizplus · Accepted Answer

AASB 117 defines the benefits of ownership as those obtainable from gains in the realisable value of the asset and those obtainable from the profitable use of the asset. Option A only covers benefits that can be obtained from insurance claims, while option C only covers benefits from the profitable use of the asset. Option B only covers benefits from gains in the realizable value of the asset. Option E, which includes all given options, is too broad and does not answer the question directly. Only option D includes both the benefits of ownership as defined in AASB 117.

AASB 117 Defines the Benefits of Ownership to Include