Which of the following is not listed in AASB 101 to determine if a liability should be classified as current?
A) If the liability is guaranteed to be settled within 12 months.
B) If the liability is held primarily for the purpose of being traded.
C) If the entity does not have an unconditional right to defer settlement of the liability for at least 12 months.
D) If the liability is expected to be settled in the entity's normal operating cycle.

Question

Quizplus · Accepted Answer

AASB 101 specifies that a liability is classified as current unless the entity has an unconditional right to defer settlement for at least 12 months after the reporting period, among other criteria. It does not mention a guarantee of settlement within 12 months as a criterion for classification.

Which of the Following Is Not Listed in AASB 101