AASB 1023 specifies how classes of assets are to be measured.These requirements include that:

Question

Quizplus · Accepted Answer

AASB 1023 requires financial assets within the scope of AASB 9 to be measured at fair value through profit and loss on first application of this standard or on initial recognition. Option A is incorrect because it only applies to recoveries receivable and operating assets. Option B is incorrect because it states that financial assets should be measured at depreciated net market value, which is incorrect. Option D is incorrect because it only applies to deferred acquisition costs and recoveries receivable, not all classes of assets.

AASB 1023 Specifies How Classes of Assets Are to Be