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.
E) None of the given answers.

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.

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