Q4

AASB 138 Intangible Assets

AASB 137 Provisions, Contingent Liabilities and Contingent Assets

AASB 141 Agriculture

Choose ONE ONLY of the Accounting Standards shown above and answer the following questions.

a) Which Accounting Standard did you choose to answer Question 4? (Please note that NO marks will be awarded for question 4 if part a) is not answered or if you choose a Standard that is not one of the Standards listed above.)

b) Describe the measurement base or bases used in the Standard. (3 marks)

c) Explain the role of professional judgement used in the application of the measurement principles used in the Standard. Illustrate your answer with examples. (6 marks)

d) How is objectivity enhanced in the application of the Standard? In answering this question you may draw on principles beyond the selected Standard. (3 marks)