After an asset has been initially recognised, an entity has a choice between the cost model and the:

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The choice between the cost model and the revaluation model applies only to certain classes of assets, such as property, plant and equipment, and intangible assets. The cost model measures assets at their historical cost less accumulated depreciation or amortisation, while the revaluation model allows entities to measure assets at fair value less any subsequent accumulated depreciation or amortisation. The choice of model should be made on a class-by-class basis and should be based on which model provides more relevant and reliable information for users of the financial statements. In most cases, the revaluation model is appropriate when the fair value of an asset can be measured reliably and it is expected to provide more relevant information than the historical cost model.

After an Asset Has Been Initially Recognised, an Entity Has