Which of the following is not listed in AASB 101 to determine if a liability should be classified as current?
A) If the liability is guaranteed to be settled within 12 months.
B) If the liability is held primarily for the purpose of being traded.
C) If the entity does not have an unconditional right to defer settlement of the liability for at least 12 months.
D) If the liability is expected to be settled in the entity's normal operating cycle.
E) None of the given answers.

Question

Quizplus · Accepted Answer

AASB 101 does not specify that a liability must be "guaranteed" to be settled within 12 months to be classified as current. Instead, it considers if it is expected to be settled within 12 months.

Which of the Following Is Not Listed in AASB 101