In accordance with AASB 116,the residual value and useful life of an asset shall be reviewed:

Name: In accordance with AASB 116,the residual value and useful life of an asset shall be reviewed:
Brand: Quizplus
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Question

Quizplus · Accepted Answer

According to AASB 116, the residual value and useful life of an asset shall be reviewed at least at the end of each annual reporting period. This is to ensure that the carrying amount of the asset is not materially different from its fair value or recoverable amount. Therefore, option B is the correct choice.

In Accordance with AASB 116,the Residual Value and Useful Life