Prior to the effective date for implementation of AASB 1037 (30 June 2001)the difficulties in classifying self-generating and regenerating assets caused the use of a variety of practices among reporting entities.Those classifications for self-generating and regenerating assets include:

Question

Quizplus · Accepted Answer

Prior to the implementation of AASB 1037, reporting entities used a variety of practices to classify self-generating and regenerating assets, including inventory, property plant and equipment, and non-current inventory. Therefore, all of the given answers are valid classifications that were used before the standard was implemented.

Prior to the Effective Date for Implementation of AASB 1037