When a firm that follows IFRS chooses to use the revaluation method for its tangible long-lived assets,it must use that method for all of its tangible long-lived assets.

Question

Quizplus · Accepted Answer

While a firm may choose to use the revaluation method for some of its tangible long-lived assets, it is not required to use this method for all of them. The choice of accounting method will depend on factors such as the nature of the assets and the intended use of financial statements.

When a Firm That Follows IFRS Chooses to Use the Revaluation