Accounting Standard IAS 16/AASB 116

question 30

Multiple Choice

Accounting standard IAS 16/AASB 116:

• A)Requires all assets to be revalued every five years
• B)Requires all assets to be revalued every three years
• C)Requires all assets to be revalued yearly
• D)Does not require an entity to revalue its assets

---

Definitions:

Size Complexity

The degree of complication or intricacy of a project or system, often related to its size.

Well Tested

Describes a product, procedure, or system that has been thoroughly examined and tried to ensure reliability and effectiveness.

Technological Complexity

The intricacies involved in the technical aspects of a system, machinery, or process, which can affect its operation, maintenance, and enhancement.

Familiarity Of Technology

The extent to which individuals or organizations are comfortable with and able to effectively use technology tools and systems.