Multiple Choice
Which of the following are requirements of IAS 16/AASB 116?
I. An entire class of non-current assets must be revalued together.
II. If the revaluation model is adopted non-current assets should be revalued to either fair value or the value in use.
III. Before a depreciable asset is revalued accumulated depreciation should be written back to the asset account.
A) I, II and III only
B) II and III only
C) I and III only
D) None of the above
Correct Answer:
Verified
Correct Answer:
Verified
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