AASB 116 prescribes that,if assets within the same class are revalued and some assets increased in value while others decreased in value:
A) the net decrement for the class of asset should be recognised as loss in the income statement.
B) the net increment for the class of asset should be credited to revaluation reserve.
C) the total increment for all assets in the same class that increased in value should be credited to revaluation reserve and total decrement for all assets in the same class of asset should be recognised as loss in the income statement.
D) All of the given answers.
E) None of the given answers.

Question

Quizplus · Accepted Answer

AASB 116 states that if assets within the same class are revalued and some assets increased in value while others decreased in value, the total increment for all assets in the same class that increased in value should be credited to revaluation reserve and total decrement for all assets in the same class of asset should be recognised as loss in the income statement. This means that only option C is correct.

AASB 116 Prescribes That,if Assets Within the Same Class Are