Which of the Following Are Requirements of IAS 16/AASB 116

question 59

Multiple Choice

Which of the following are requirements of IAS 16/AASB 116?
I. An entire class of non-current assets must be revalued together.
II. If the revaluation model is adopted non-current assets should be revalued to either fair value or the value in use.
III. Before a depreciable asset is revalued accumulated depreciation should be written back to the asset account.

• A) I, II and III only
• B) II and III only
• C) I and III only
• D) None of the above

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Definitions:

Learning Psychologist

A professional specializing in understanding how learning processes, both cognitive and emotional, occur in humans.

Reinforcing

The process of increasing the likelihood of a behavior's occurrence by adding or removing a stimulus following the behavior.

Disruptive

Behavior that interrupts or disturbs the normal flow or operation of activities, often seen as undesirable in social and educational contexts.

Animal Subjects

Animals used in research or experiments in order to observe biological, psychological, or social processes that could provide insights relevant to humans or other animals.