Assets not closed at the end of a RP

[Chavi]

i reckon they will take both going concern and reporting period but they will only take reporting period if you say something along the lines that an asset presents future economic benefit which carries onto the next reporting period

No. I think RP is totally wrong. RP are just arbitrary periods of time that are used to calculate NP. It has absolutely nothing to do classifying assets (even as current/non current). A Period can be 2 weeks, it can be a year. Going concern is the umbrella principle that allows RP to exist. Assets are not recorded as expenses because of RP, but because of Going concern.
Only because of the assumption that the life of business is indefinite are we able to report Assets as future benefits. If there was an unknown end date to the firm in the future, all assets would be reported as expenses.

[emb_23]

my teacher said that there is no question about it. vcaa will take both, both are valid points. because i took the part of the definition "records should be kept on this basis" as well not just dividing it into units of time.

[LFTM]

my teacher said that there is no question about it. vcaa will take both, both are valid points. because i took the part of the definition "records should be kept on this basis" as well not just dividing it into units of time.

i also asked one of the accounting teachers and he said they should take both.yay