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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