TRUE/FALSE. write T if the statement is true andF' if the statement is false. 38) The cost of an item of property, plant and equipment includes the initial estimate of any costs of dismantling and removing the item and restoring the site on which it is located 39) Depreciation represents the systematic changes in the fair value of an asset overits useful life. 40) Depreciable amount is the cost of an asset, or other amount substituted for cost, less the accumulated depreciation. 1) The factors that are to be considered in determining an asset's useful life include legal or similar limits on the use of the asset. 42) An asset's revalued amount comprises its fair value as at the date of the revaluation 43) It may be necessary toengage experts such as registered valuers to obtain valuations for specific assets. 44) Thegeneral rule under AASB 116 is that a revaluation decrement for an asset must be recognised in a revaluation surplus equity account. 45) AASB 116 Property, Plant and Equipment specifies that an item of property, plant and equipment that qualifies for recognition as an asset is to be measured at its cost. 46) Tangible assets have a physical form and include such as assets as land and buildings, motor vehicles, machinery 47) The major general disclosures required by AASB 116 include a reconciliation of the carrying amount of the class of property, plant and equipment at the beginning and end of the period. 48) AASB 116 Property, Plant and Equipment specifies the rules for the initial measurement of property, plant and equipment assets. 49) AASB 116 makesit dear that GST should only be included in the cost of an item of property plant and equipment when that tax is refundable. 50) The cost of major inspections required as a condition of continuing to operate an item of property, plant and equipment should be expensed and recognised in the calculation of profitor loss rather than being recognised in the carrying amount of the item