AASB 101 requires which of the following in relation to the classification of expenses?
A)Expenses to be classified by either nature or function.
B)Expenses to be classified by nature,unless classification by function is more relevant.
C)Expenses to be classified by function,unless classification by nature is more relevant.
D)Expenses to be classified by both nature and function.

Question

Quizplus · Accepted Answer

AASB 101 requires that expenses be classified either by nature or by function, allowing entities to choose the method that provides the most relevant and reliable information.

AASB 101 Requires Which of the Following in Relation to the Classification