Where the value of revalued non-current assets does not change frequently and is not material,AASB 116 suggests that revaluations:
A) may be undertaken when next convenient.
B) should be undertaken every 3 to 5 years.
C) may be undertaken for individual assets within a class.
D) should be suspended and the entity should switch back to cost.

Question

Quizplus · Accepted Answer

AASB 116 suggests that revaluations should be undertaken every 3 to 5 years when the value of revalued non-current assets does not change frequently and is not material, to ensure that the carrying amount does not differ significantly from that which would be determined using fair value at the end of the reporting period.

Where the Value of Revalued Non-Current Assets Does Not Change