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

question 50

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.
• E) None of the given answers.

---

Definitions:

Case Supervisor

A professional responsible for overseeing and managing the progress of a particular case or client, often in legal, social services, or healthcare contexts.

Bipolar Disorder

A psychological disorder marked by severe fluctuations in mood, ranging from very high emotions (mania or hypomania) to very low feelings (depression).

Personality Disorder

A mental condition defined by long-lasting dysfunctional patterns of thought, behavior, and personal feeling, noticeable in multiple environments.

Special Treatment

Giving preferential behavior or privileges to an individual or group over others, often in a context where equal treatment is expected.