Identify, by indicating the relevant box in the table below, whether each of the following statements is true or false.

IAS 16 Property, plant and True False equipment requires entities to disclose the purchase date of each asset.

The carrying amount of a non-

True False current asset is the cost or valuation of that asset less accumulated depreciation.

IAS 16 Property, plant and True True equipment permits entities to make a transfer from the revaluation surplus to retained earnings for excess depreciation on revalued assets.

Once decided, the useful life of True False a non-current asset should not be changed.

(2 marks)