Which statement is correct?
A)The revaluation model is required for non-current assets under IFRS.
B)The revaluation model is required for non-current assets under ASPE.
C)The revaluation model is optional for non-current assets under IFRS.
D)The revaluation model is optional for non-current assets under ASPE.

Question

Quizplus · Accepted Answer

Under IFRS, the revaluation model is optional for non-current assets. However, if a company chooses to use the revaluation model, it must be applied to all assets within the same class. ASPE, on the other hand, does not allow the use of the revaluation model.

Which Statement Is Correct