AASB 136 Requires That

question 32

Multiple Choice

AASB 136 requires that:

• A) If a non-current asset is revalued, the revalued amount may be less than the recoverable amount.
• B) If a non-current asset is revalued, it must be revalued to the lower of current replacement cost or net realisable value.
• C) If a non-current asset is revalued, it must be revalued to the amount for which an asset could be exchanged between knowledgeable, willing parties in an arm's length transaction.
• D) If a non-current asset is revalued, it must be revalued to the amount for which the asset could be realised in an active market in a liquidation sale.
• E) None of the given answers.

---

Definitions:

Mediation Process

A form of alternative dispute resolution where a neutral third party helps disputing parties reach a mutually acceptable agreement.

Nonadversarial Nature

The characteristic of a proceeding or negotiation where the parties are not opponents and may work together to reach a mutual agreement.

Sequential Game

Game in which players move in turn, responding to each other’s actions and reactions.

Equilibrium

A condition where the supply and demand in the market are in equilibrium, leading to steady prices.