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:

Undistributed Middle

A logical fallacy in which a syllogism's middle term is not universally applied, leading to an erroneous conclusion.

Premise

An assertion or claim that leads to or results in a subsequent conclusion or inference.

Distributed Term

In logic, a term in a categorical proposition that applies to all members of the category it refers to.

Validity Rules

Guidelines and principles used in logic to determine whether arguments are valid, ensuring that the conclusion necessarily follows from the premises.