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.

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Definitions:

Kano School

A school of Japanese painting founded in the 15th century, known for its mastery in ink painting and serving as the leading school of painting for several centuries in Japan.

Rinpa School

A historic school of Japanese painting that emerged in the early 17th century, characterized by bold outlines, vibrant colors, and themes from nature, literature, and classical Japanese culture.

Rinzai School

The Rinzai School is one of the main sects of Zen Buddhism in Japan, emphasizing kensho (seeing one's true nature) and koan practice as paths to enlightenment.

Wabi Aesthetic

A traditional Japanese aesthetic centered on the acceptance of transience and imperfection, characterized by simplicity, modesty, and appreciation of the organic nature of objects.