Which statement is correct?

Question

Quizplus · Accepted Answer

According to AASB 108, a change between the cost model and the revaluation model can only be made if it results in financial information that is more relevant and reliable. The change does not necessarily have to be material. Option A is incorrect because materiality is not the only criterion for making the change. Option C is incorrect because for existing assets, a choice can only be made between the cost model and the revaluation model when there is an indication of a significant change in the asset's fair value. Option D is incorrect because changes between the cost model and the revaluation model are allowed under certain circumstances.

Which Statement Is Correct