According to AASB 121, all the following items are 'monetary items' except for:
A) borrowings €60 000.
B) trade payable of ₤100 000.
C) trade receivable of US$24 000.
D) shares held in BHP Ltd listed on the ASX.

Question

Quizplus · Accepted Answer

Shares held in BHP Ltd listed on the ASX are not considered monetary items under AASB 121 as they represent ownership in a company rather than a fixed monetary value. The other options are considered monetary items as they represent fixed amounts of currency owed or owned by the company.

According to AASB 121, All the Following Items Are 'Monetary