Once a Class of Non-Current Assets Has Been Revalued,IAS 16

question 19

Multiple Choice

Once a class of non-current assets has been revalued,IAS 16 requires that:

• A)Directors continue to revalue the class of assets on an ad hoc basis.
• B)Revaluations must be undertaken regularly enough to ensure that the carrying amount of each asset in the class of assets does not differ materially from its fair value at reporting date.
• C)All assets in the class must be revalued every 3 years.
• D)Revaluations must be undertaken regularly enough to ensure that the carrying amount of the class of assets does not differ from its fair value at reporting date.

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Definitions:

Abuse Syndrome

Factors of proximity, stress, and power that are associated with the cycle of abuse in some families.

Repetitive Abuse

Continuing abusive behavior or acts that occur repeatedly over time in a relationship or setting.

Domestic Violence

A pattern of abusive behavior in any relationship that is used by one partner to gain or maintain control over another intimate partner.

Subculture of Violence

A concept in criminology that suggests certain groups or communities develop norms and attitudes that accept, justify, or glorify violence.