Guidance regarding an entity's responsibility for restoration costs is embodied in:
A) AASB 6 "Exploration for and evaluation of mineral resources".
B) AASB 110 "Events after the balance sheet date".
C) AASB 137 "Provisions, Contingent Liabilities and Contingent Assets".
D) AASB 6, AASB 110 and AASB 137.
E) AASB 6 and AASB 137.

Question

Quizplus · Accepted Answer

AASB 137 "Provisions, Contingent Liabilities and Contingent Assets" provides guidance on accounting for provisions, including restoration costs, which are future obligations to restore a site to its original condition.

Guidance Regarding an Entity's Responsibility for Restoration Costs Is Embodied