When an entity adopts the valuation model to account for its property,plant and equipment,which of the following statement(s)is/are correct?
A) If an item is revalued, all assets in the same class shall be revalued.
B) If an asset's carrying amount is decreased as a result of a revaluation, the decrease is always recognised in profit and loss.
C) If an asset's carrying amount is increased as a result of a revaluation, the increase is always credited directly to equity.
D) All of the given answers.

Question

Quizplus · Accepted Answer

When an entity adopts the revaluation model, if an item of property, plant, and equipment is revalued, all assets in the same class must be revalued to ensure consistency and comparability.

When an Entity Adopts the Valuation Model to Account for Its