Question

Which type of company can adopt the revaluation model? I) a public company following IFRS II)...

Which type of company can adopt the revaluation model?

I) a public company following IFRS

II) a public company following ASPE

III) a private company following ASPE

IV) a private company following a combination of IFRS and ASPE

Business   Accounting   
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Answer #1

Answer is:

1) A public company following IFRS.

The revaluation model gives a business the option of carrying a fixed asset at its revalued amount. Subsequent to the revaluation, the amount carried on the books is the asset's fair value, less subsequent accumulated depreciation and accumulated impairment losses. Under this approach, one must continue to revalue fixed assets at sufficiently regular intervals to ensure that the carrying amount does not differ materially from the fair value in any period. This option is only available under International Financial Reporting Standards (IFRS).

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