A class of non-current assets as defined by AASB 116 is a category of non-current assets that:
A) Were all purchased at the same time by the reporting entity.
B) All have a similar nature or function in the operations of the entity.
C) Are disclosed as a single item without supplementary dissection in the financial report.
D) All have a similar nature or function in the operations of the entity, and are disclosed as a single item without supplementary dissection in the financial report.
E) All of the given answers.

Question

A class of non-current assets as defined by AASB 116 is a category of non-current assets that: 
A) Were all purchased at the same time by the reporting entity.
B) All have a similar nature or function in the operations of the entity.
C) Are disclosed as a single item without supplementary dissection in the financial report.
D) All have a similar nature or function in the operations of the entity, and are disclosed as a single item without supplementary dissection in the financial report.
E) All of the given answers.

Quizplus · Accepted Answer

This is the correct definition of a class of non-current assets as per AASB 116. The assets in this class have a similar nature or function in the operations of the entity, and are disclosed as a single item without supplementary dissection in the financial report. Options A, B, and C are either incorrect or incomplete. Option E includes all possible choices and is therefore not specific.

A Class of Non-Current Assets as Defined by AASB 116