An exception to the AASB 107 rule that normally gross cash flows should be disclosed is:
A) the refinancing of long-term loans
B) some transactions of financial institutions
C) items where the turnover is quick, the amounts are large, and the maturities are short
D) both B and C

Question

Quizplus · Accepted Answer

Option B refers to financial institutions, such as banks, which are exempted from disclosing gross cash flows for some transactions under AASB 107. Option C refers to items where turnover is quick, amounts are large and maturities are short, which are also exempted from gross cash flow disclosure. Therefore, options B and C collectively provide the exception to the AASB 107 rule on gross cash flow disclosure.

An Exception to the AASB 107 Rule That Normally Gross