AASB 116 requires entities to review at least at the end of each annual reporting period to assess if the fair value of the non-current assets has changeD.

Question

Quizplus · Accepted Answer

AASB 116 does not require entities to assess the fair value of non-current assets. Instead, it requires them to measure these assets at cost less any accumulated depreciation and impairment losses, unless they are classified as held for sale or revaluation model is applied. In the latter case, entities must revalue the assets regularly to fair value. However, this does not need to occur at least at the end of each annual reporting period but may be less frequent depending on the asset and circumstances.

AASB 116 Requires Entities to Review at Least at the End