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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.
- 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
