Chapter 4 8. What is/are true about accounting standard? nical pronouncement that sets out the required accounting for particular types of transactions events IL. General purpose financial statements that comply with accounting standards should present fairly the financial position, financial performance and cash flows of an organisation III. AASB is the body that set the Accounting standard in Australia IV. ASIC is responsible for the enforcement of accounting standard under the Corporation Act 2001 Answer two answers correct e 9. Please match topic to the AASB AASB Income tax Property, plant and equipment Impairment of assets Cashfow statements AASB 116 AASB 101 AASB 112 AASB 116 10. Which of the followings definition is/are true in regard to current assets? L It is expected to be realised or consumed in the entity's normal operating cycle IL It is held for generating profit for the firm IlI. It is expected to be realised within 6 months after the reporting date IV. It is cash only Answer two answers correct