Which is correct with respect to the accounting treatment under the cost or revaluation model?
A)Companies can choose to apply the revaluation model to each individual PPE or intangible asset under IFRS.
B)Companies can choose to apply the revaluation model to each class of PPE or intangible asset under IFRS.
C)Companies can choose to apply the revaluation model to each individual PPE or intangible asset under ASPE.
D)Companies can choose to apply the revaluation model to each class PPE or intangible asset under ASPE.

Question

Quizplus · Accepted Answer

Under IFRS, companies can choose to apply the revaluation model to a class of assets, rather than to individual assets. This means that all assets within the same class will be revalued together. However, under ASPE, companies can choose to apply the revaluation model to each individual PPE or intangible asset. Therefore, option B is the correct answer.

Which Is Correct with Respect to the Accounting Treatment Under