Upward revaluation of inventory is permitted for as long as all assets in same inventory class are revalued.

Question

Quizplus · Accepted Answer

Upward revaluation of inventory is only permitted if it is supported by an increase in the net realizable value of the inventory. However, it is not required to revalue all assets in the same inventory class. The choice to revalue individual assets depends on management's judgement and the significance of the increase in net realizable value.

Upward Revaluation of Inventory Is Permitted for as Long as All