After an item of Property, plant and equipment has been initially recognised at cost it may be measured using the following measurement method:

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Property, plant, and equipment can be revalued after the initial recognition at cost. The revaluation model allows companies to adjust the carrying value of the asset to its fair value at the reporting date. This fair value is determined using an appraisal, which considers market prices, supply, and demand, and other relevant factors. The revaluation model is an accounting policy choice, and if it is used, it must be applied to the entire class of assets to which the revalued asset belongs.

After an Item of Property, Plant and Equipment Has Been