AASB 116 Requires That Where the Replacement Cost of a Non-Current

question 35

True/False

AASB 116 requires that where the replacement cost of a non-current asset is less than its carrying value,the asset should be written down to its replacement cost.

---

Definitions:

PID Controller

A proportional–integral–derivative controller used in industrial control systems to continuously calculate an error value and apply correction.

Optimum Performance

The most efficient and effective level of functioning of a system or device.

Menu Costs

The costs incurred by firms in order to change their prices, including costs related to printing new menus, re-tagging items, or advertising new prices.