IFRS allows companies to revalue plant assets to fair value.Which of the following statements is true regarding revaluation?
A) At the time a company purchases an asset it must decide whether to follow revaluation procedures for the asset; once the election is made, it must be followed for the remainder of the asset's useful life.
B) Assets that are experiencing rapid price changes must be revalued quarterly, other assets can be revalued on an annual basis.
C) If revaluation is used, it must be applied to all assets in a class of assets.
D) All of the choices are correct regarding revaluation of plant assets.
Correct Answer:
Verified
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