AASB 116 requires entities to review at least at the end of each annual reporting period to assess if the fair value of the non-current assets has changed.

Question

Quizplus · Accepted Answer

AASB 116 does not require entities to assess the fair value of non-current assets. It requires them to review the carrying amount of non-current assets at each reporting period to determine if there are any indicators of impairment that would require a revaluation.

AASB 116 Requires Entities to Review at Least at the End