Reference no: EM132636091

Problem 1: Under the accounting standard dealing with revaluations, IAS 16/AASB 116, an entity is required to:

Select one:
a. adopt a cost model.
b. revalue its assets
c. adopt a revaluation model.
d. adopt either a cost model or a revaluation model.

Problem 2: Revaluations that occur must be upward or downward from an asset's:

Select one:

a. original cost.
b. carrying amount.
c. lower of cost and net realisable value.
d. net realisable value.