Which of the following statements is correct?
A) AASB 6 requires disclosure of accounting policies for exploration and evaluation expenditures.
B) AASB 137 Provisions, Contingent Liabilities and Contingent Assets provides guidance on obligations of an entity for restoration costs.
C) Exploration and evaluation assets are required in AASB 6 to be classified as intangible assets.
D) AASB 6 requires disclosure of accounting policies for exploration and evaluation expenditures and AASB 137 Provisions, Contingent Liabilities and Contingent Assets provides guidance on obligations of an entity for restoration costs.

Question

Quizplus · Accepted Answer

AASB 6 requires disclosure of accounting policies for exploration and evaluation expenditures and AASB 137 Provisions, Contingent Liabilities and Contingent Assets provides guidance on obligations of an entity for restoration costs. Therefore, both statements A and B are incorrect as they only mention one of the standards mentioned in option D. Statement C is also incorrect as AASB 6 allows for exploration and evaluation assets to be classified as either intangible or tangible assets depending on the nature of the asset.

Which of the Following Statements Is Correct