Under IFRS, if equipment is revalued to fair value, then:
A) the equipment's amortization expense per year will not be revised.
B) the equipment's depreciation expense per year will not be revised.
C) the equipment's amortization expense per year will be revised.
D) the equipment's depreciation expense per year will be revised.

Question

Quizplus · Accepted Answer

Under IFRS, when equipment is revalued to fair value, the depreciation expense is revised to reflect the new carrying amount of the asset over its remaining useful life.

Under IFRS, If Equipment Is Revalued to Fair Value, Then