How many of these are requirements of IAS 16/AASB 116?
$\bullet$An entire class of non-current assets must be revalued together.
$\bullet$If the revaluation model is adopted non-current assets should be revalued to either fair value or the value in use.
$\bullet$Before a depreciable asset is revalued accumulated depreciation should be written back to the asset account.

Question

Quizplus · Accepted Answer

Both statement 1 and 2 are requirements of IAS 16/AASB 116. The first statement specifies that an entire class of non-current assets must be revalued together, while the second statement outlines the options for revaluing assets under the revaluation model. Statement 3, however, is not a requirement of IAS 16/AASB 116. While it may be a good practice to write back accumulated depreciation when revaluing a depreciable asset, it is not mandatory under the standard.

How Many of These Are Requirements of IAS 16/AASB 116 ∙\bullet∙

How Many of These Are Requirements of IAS 16/AASB 116 $\bullet$