AASB 102 Provides That Not-For-Profit Entities

Multiple Choice

AASB 102 provides that not-for-profit entities:

A) must value their assets at the lower of cost or net realisable value to allow reports to be compared.
B) should only report inventories at cost for simplicity.
C) should value their assets at either cost or current replacement cost, whichever is more beneficial.
D) will record the inventories at the lower of cost or current replacement cost.