AASB 102 requires that any write down to net realisable value:
A) must be recognised as an expense in the period that the write down occurs
B) must be reversed when there is clear evidence of an increase in value
C) must be applied only on an item by item basis
D) A and B above

Question

Quizplus · Accepted Answer

AASB 102 requires that any write down to net realisable value must be recognised as an expense in the period that the write down occurs and must be reversed when there is clear evidence of an increase in value. This applies on an item by item basis. Therefore, both option A and B are correct.

AASB 102 Requires That Any Write Down to Net Realisable