In accordance with AASB 116 the depreciation method applied to an asset shall be reviewed:

Question

Quizplus · Accepted Answer

According to AASB 116, the depreciation method applied to an asset shall be reviewed at least at the end of each annual reporting period. Therefore, option C is the best choice. Option A is incorrect because the depreciation method should not be determined by the company directors. Option B is incorrect because the review should occur annually, not every three years. Option D is incorrect because the review should occur regularly, not only as and when required.

In Accordance with AASB 116 the Depreciation Method Applied to an Asset