AASB 136 Requires That

question 75

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.

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Definitions:

Futures Contract

A standardized legal agreement to buy or sell something at a predetermined price at a specified time in the future, often used for commodities, currencies, and financial instruments.

Cross Border

Refers to activities, transactions, or investments that occur between entities located in different countries.

Benchmark

A standard or point of reference against which the performance of an investment or mutual fund can be measured.