The superseded version of AASB 1023 required that investments that are integral to the entity's general insurance activities should be:

Question

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The superseded version of AASB 1023 required that investments integral to the entity's general insurance activities should be measured at net market value, with any changes treated as a revenue or expense of the period. This means that any increase or decrease in value is recognised in the profit and loss statement, rather than being treated as an adjustment to equity through reserves. Choice A is incorrect because any changes in value would not be treated as an adjustment to equity through reserves. Choice B is incorrect because the assets are not required to be measured at current replacement cost, and depreciation is not necessarily required. Choice D is incorrect because it does not reflect the requirements of the superseded AASB 1023.

The Superseded Version of AASB 1023 Required That Investments That