Which of the following statement(s)is/are correct?
A) Entities engage in extractive operations should adopt AASB 116 "Property, Plant and Equipment" in the amortisation of capitalised costs.
B) Entities engage in extractive operations should adopt AASB 6 in accounting for its inventories.
C) The obligations of entities engage in extractive operation with respect to restoration costs are outlined in AASB 6.
D) All of the given answers.
E) Entities engage in extractive operations should adopt AASB 116 "Property, Plant and Equipment" in the amortisation of capitalised costs and entities engage in extractive operations should adopt AASB 6 in accounting for its inventories.

Question

Quizplus · Accepted Answer

AASB 116 "Property, Plant and Equipment" is applicable for the amortisation of capitalised costs in extractive operations.

Which of the Following Statement(s)is/are Correct