Insubstance Debt Defeasance Is No Longer Allowed Under AASB 132

Multiple Choice

Insubstance debt defeasance is no longer allowed under AASB 132:

A) Because this form of defeasance is no longer used in Australia.
B) Because the new standard takes a form over substance approach.
C) Because it is inappropriate to extinguish a debt where the discharge of the obligation has been accepted by the creditor.
D) Because this type of action requires the offsetting of financial assets and liabilities in circumstances not allowed under AASB 1014.
E) None of the given answers.