AASB 116 requires that if it has been decided to revalue a class of non-current assets,the valuations must be kept up to date.

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AASB 116 requires that if a company decides to revalue a class of non-current assets, the valuations must be kept up to date in order to accurately reflect their fair value in the financial statements. This is to provide users of the financial statements with relevant and reliable information about the value of the assets.

AASB 116 Requires That If It Has Been Decided to Revalue