Revaluation of land and buildings is permitted under
A) GAAP but not IFRS.
B) IFRS but not GAAP.
C) both IFRS and GAAP.
D) neither IFRS nor GAAP.

Question

Quizplus · Accepted Answer

Revaluation of land and buildings is permitted under IFRS but not under GAAP. GAAP requires property, plant, and equipment to be reported on the balance sheet at cost less accumulated depreciation, whereas IFRS allows entities to choose between the cost model and the revaluation model, which involves measuring assets at fair value.

Revaluation of Land and Buildings Is Permitted Under