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Share Help Extras ommal may be sufficient. valix p.834 The following statements relate to depreciation. Which statement is incorrect? * When the benchmark is adapted and the residual value is likely to be significant, the O residual value is estimated at the date of acquisition and may be subsequently increased for changes in prices. The depreciable amount of an asset is determined after deducting its residual value and should be allocated on a systematic basis over its useful life. The depreciation method should reflect the O pattern in which the asset's economic benefits are consumed by the enterprise. The depreciation charge for the period should be recognized as an expense unless it is included in the carrying amount of another asset Which is incorrect concerning separate 1/1 o The following statements relate to the frequency of revaluation of property, plant and equipment. Which statement is incorrect? Revaluations should be made with sufficient regularity such that the carrying amount does not differ materially from that which would be determined using the fair value on balance sheet date. The frequency of revaluations depends upon the movements in the fair value of the items of property, plant and equipment being revalued. Some items of property, plant and equipment may experience significant and volatile movements in fair value, thus necessitating annual revaluation The frequency of revaluations depends upon the movements in the fair value of th. items of property, plant and equipment being revalued Frequent revaluations are unnecessary for items of property, plant and equipment with only insignificant movements in fair value and instead, revaluation every 5 to 10 years may be sufficient valix p 834 1/1 W o