Under IFRS, companies must account for their property, plant, and equipment using the revaluation model, where depreciable assets are re-valued upward to their fair values.

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Under IFRS, companies have the option to account for their property, plant, and equipment using either the cost model or the revaluation model. The revaluation model, where assets can be re-valued to their fair value, is not mandatory.

Under IFRS, Companies Must Account for Their Property, Plant, and Equipment