Under the Accounting Standard Dealing with Revaluations, IAS 16/AASB 116

question 34

Multiple Choice

Under the accounting standard dealing with revaluations, IAS 16/AASB 116, an entity is required to:

• A) adopt either a cost model or a revaluation model.
• B) adopt a revaluation model.
• C) adopt a cost model.
• D) revalue its assets

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Definitions:

Levothyroxine

A medication used to treat hypothyroidism, a condition where the thyroid gland does not produce enough thyroid hormone.

Hypothyroidism

A common condition where the thyroid gland is underactive and does not produce enough thyroid hormones, leading to symptoms such as fatigue and weight gain.

Thyroidectomy

A surgical procedure to remove all or part of the thyroid gland, often performed to treat diseases such as thyroid cancer or hyperthyroidism.

Graves' Ophthalmopathy

An autoimmune condition associated with thyroid disease, characterized by inflammation and swelling of the eye muscles, leading to bulging eyes.