Explain why AASB 1056 requires a different approach to the existing standard AASB 116.

1.‘The requirement of AASB 1056 to measure most assets at fair value is a departure from

 

the approach adopted in other accounting standards where several measurement bases

are allowed.’ Explain this statement and provide two examples to illustrate your

explanation.  2. A company that has elected to use the revaluation measurement base for its property in accordance with the requirements of AASB 116 ‘Property, Plant and Equipment’

recognises any revaluation increments in ‘other comprehensive income’. In contrast, a

superannuation entity complying with AASB 1056 is required to recognise revaluation

increments on its property in the income statement.

Explain why AASB 1056 requires a different approach to the existing standard

AASB 116. (

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