Guidance regarding an entity's responsibility for restoration costs is embodied in:

Question

Quizplus · Accepted Answer

AASB 137 provides guidance on how to recognise, measure and disclose provisions, contingent liabilities and contingent assets. This standard specifically addresses the recognition and measurement of provisions for restoration costs. Therefore, option C is the correct choice. While AASB 6 and AASB 110 may touch on this topic, they do not provide the same level of guidance as AASB 137. Therefore, option D is not the best choice. Option A, AASB 6, focuses on exploration and evaluation of mineral resources, and is not related to restoration costs at entities. Option B, AASB 110, is related to events occurring after the balance sheet date and is not directly related to restoration costs.

Guidance Regarding an Entity's Responsibility for Restoration Costs Is Embodied