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Homework answers / question archive / How many of these are requirements of IAS 16/AASB 116? - An entire class of non-current assets must be revalued together

How many of these are requirements of IAS 16/AASB 116? - An entire class of non-current assets must be revalued together

Accounting

How many of these are requirements of IAS 16/AASB 116?

- An entire class of non-current assets must be revalued together.

- If the revaluation model is adopted non-current assets should be revalued to either fair value or the value in use.

- Before a depreciable asset is revalued accumulated depreciation should be written back to the asset account.

 

a. 0

b. 1

c. 2

d. 3

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