Once a Class of Non-Current Assets Has Been Revalued,AASB 116

question 21

Multiple Choice

Once a class of non-current assets has been revalued,AASB 116 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.

---

Definitions:

Aquatic Community

A group of species that live in the same habitat and interact with each other in a body of water.

Estuaries

Coastal water bodies where river meets the sea, mixing fresh and saltwater and creating ecosystems with high biological productivity.

Nursery

A place specifically designed for the care and growth of young plants, trees, or children, providing appropriate conditions for development.

Sea

A large body of saltwater that is often connected to an ocean and may be partially or completely surrounded by land.