All of the following statements regarding revaluation under IFRS are except:
A) The revalued amount is the fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
B) Revaluations shall be made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period.
C) Under IFRS, the fair value of property, plant and equipment is usually determined from marketbased evidence by professional appraisal or valuation.
D) IFRS does not allow upward asset revaluations.
E) If there is no marketbased evidence of fair value, an entity may need to estimate it using an income or a depreciated replacement cost approach.

Question

All of the following statements regarding revaluation under IFRS are except:
A) The revalued amount is the fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
B) Revaluations shall be made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period.
C) Under IFRS, the fair value of property, plant and equipment is usually determined from market­based evidence by professional appraisal or valuation.
D) IFRS does not allow upward asset revaluations.
E) If there is no market­based evidence of fair value, an entity may need to estimate it using an income or a depreciated replacement cost approach.

Quizplus · Accepted Answer

This statement is incorrect as IFRS does allow upward asset revaluations. The revaluations should reflect the fair value at the date of the revaluation less any subsequent accumulated depreciation and impairment losses.

All of the Following Statements Regarding Revaluation Under IFRS Are