1.

Which of the following statements is correct with respect to AASB 112Income Taxeswhen a non-current asset is revalued?

Multiple Choice

• 1.On revaluation date, the revaluation reserve is increased by the product of the temporary difference and the tax rate.
• 2.On revaluation date, a deferred tax liability is created equal to the amount of the temporary difference.
• 3.On revaluation date, the revaluation reserve is decreased by the product of the temporary difference and the tax rate.
• 4.Onrevaluationdate,adeferredtaxassetiscreatedequaltotheamountofthetemporarydifference.

2.

The definition of control adopted in AASB 124 relies on the power to:

Multiple Choice

• manage.
• agree.
• vote.
• govern.

3.

n accordance with AASB 124, the categories of compensation to key management personnel required to be disclosed include:

Multiple Choice

• post-employment benefits.
• short-term employee benefits.
• termination benefits
• all of the given answers.