Under the Framework and AASB 101

Name: Under the Framework and AASB 101
Brand: Quizplus
Rating: 4.7 (49 reviews)

Question

Quizplus · Accepted Answer

AASB 101 defines revenue as arising in the course of ordinary activities, but it does not provide a clear test to distinguish ordinary activities from non-ordinary. Additionally, gains are other items of income that may or may not arise from ordinary activities, as they can arise from things like the sale of non-current assets or settlement of litigation. Therefore, all of the options listed in the question are correct.