AASB 117 defines the benefits of ownership to include:
A) those obtainable from the insurance claims associated with it.
B) those obtainable from gains in the realisable value of the asset.
C) those obtainable from the profitable use of the asset.
D) those obtainable from gains in the realisable value of the asset and those obtainable from the profitable use of the asset.

Question

Quizplus · Accepted Answer

AASB 117 defines the benefits of ownership as including both gains in the realisable value of the asset and the profitable use of the asset. Therefore, option D, which includes both options A and C, is the best choice.

AASB 117 Defines the Benefits of Ownership to Include