What does 29-30 require?

For each class of tangible operating assets the entity selects one measurement policy, cost or revaluation, and applies it across the whole class. Under the cost model the item is carried at cost less accumulated depreciation and accumulated impairment losses. One election departs from the class rule: an entity operating a unit-linked investment fund, or issuing direct participation insurance contracts and holding their underlying items (including investment contracts with discretionary participation features), may measure owner-occupied property included in that fund or those underlying items using the AASB 140 fair value model, and must then treat such property as its own class.

AASB 116 Property, Plant and Equipment 29-30: Accounting...

Other controls in Measurement after recognition: cost model, revaluation model, depreciation and impairment (paragraphs 29 to 66, Aus39.1, Aus40.1, Aus40.2) – AASB 116 Property, Plant and Equipment

31-38 Revaluation model: carry items whose fair value is reliably measurable at fair value at the revaluation date less later depreciation and impairment, revalue often enough that carrying amounts stay close to fair value, revalue whole classes together, and adjust accumulated depreciation consistently
39-42,Aus39.1-Aus40.2 Revaluation movements: credit increases to other comprehensive income and the revaluation surplus (through profit or loss only to reverse an earlier loss), charge decreases to profit or loss except against an existing surplus for that asset; not-for-profit entities account on a net class basis; surplus transfers to retained earnings bypass profit or loss
43-49 Component depreciation: depreciate separately each part whose cost is significant relative to the whole item, grouping parts with the same life and method, depreciate the remainder, and recognise the charge in profit or loss unless it forms part of another asset's cost
50-59 Depreciable amount and period: allocate cost less residual value systematically over useful life, review residual value and useful life at least each year end as a change in estimate, depreciate from availability for use until held-for-sale classification or derecognition, consider usage, wear, obsolescence and legal limits, and treat land and buildings separately
60-62A Depreciation method: use a method that mirrors how the asset's benefits are consumed over time, review it at least each year end and change it as a change in estimate when the pattern changes, and never base it on revenue
63-66 Impairment and compensation: test PPE for impairment under AASB 136, and recognise third-party compensation for impaired, lost or surrendered items in profit or loss once it is receivable, accounting for the impairment, the derecognition, the compensation and any replacement as separate events

Query this from an agent

The graph holds this control, the 0 it maps to, and the evidence behind each claim, over MCP and REST.

MCP endpoint All AASB 116 Property, Plant and Equipment controls