The new revenue recognition standard does not apply to Leases. Insurance contracts. Financial instruments. All of these choices.

What was the major change in accounting for leases introduced by new accounting standard AASB16/IFRS16? Why was such a change launched by the professional standard setting bodies to abandon AASB117/IAS17?

Which of the following factors cannot be used to determine an insurer's limit of liability on property coverage? O A. Actual cash value Replacement cost Salvage value Policy limits OB. O C. D. Whiteboard

A promise to grant a license is most likely indistinct if  [A] The license is not integral to the functionality of a tangible good. [B] The customer can benefit from the license separate from other related services. [C] This performance obligation is satisfied over the time. [D] The customer can benefit from the license on its own and the license is separately identifiable. [S1] The insurer of an insurance contract becomes the policy holder in a reinsurance contract. [S2] Retrocession is where the insurance risk is transferred from one reinsurer to another reinsurer. [A] both are true [B] both are false [C] S1 is true [D] S2 is true Goods on consignment should be included in the inventory of [A] The consignor but not the consignee, [B] Both the consignor and consignee. [C] The consignee but not the consignor. [D] Neither the consignor nor the consignee.   Which of the following is not a criterion required to recognize that a contract with a customer is created? [A] The contracting…