In accounting standard IAS 16/AASB 116 a downward revaluation is now known as a:
A) revaluation depletion.
B) revaluation increment.
C) revaluation decrease.
D) revaluation decrement.

Question

Quizplus · Accepted Answer

A downward revaluation means that the value of an asset has decreased, so the correct term to use is "revaluation decrease". Choices A and B are incorrect because they suggest an increase in value, while choice D uses the term "decrement" which is not commonly used in accounting.

In Accounting Standard IAS 16/AASB 116 a Downward Revaluation Is