Disclosures related to restoration costs:
A) are not covered by AASB 6 and are therefore not required.
B) should only be reported in the notes to the accounts once they have been completed.
C) are required by AASB 137.
D) must include the reason why restoration is being undertaken-legal, voluntary, etc.

Question

Quizplus · Accepted Answer

AASB 137 requires the disclosure of provisions for restoration costs, including the nature of the obligation and the expected timing and amount of the outflow of resources required to settle the obligation. The disclosure should also include an explanation of the legal or constructive obligations that give rise to the provision, the uncertainties related to the amount or timing of the outflow, and any changes in the provision during the period. The reason for the restoration is not necessarily required, but the nature of the obligation must be clearly explained.

Disclosures Related to Restoration Costs