Accounting · IFRS Standards
Under IFRS (IAS 16), if an entity elects to use the revaluation model for Property, Plant, and Equipment (PPE), which statement is true regarding upward revaluations?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Depreciation is no longer charged on the asset post-revaluation
- 2Revaluations are strictly prohibited under IFRS standards
- 3Upward revaluations are credited to Other Comprehensive Income (OCI) and accumulated in equity, unless reversing a prior downward revaluation of the same asset✓
- 4Upward revaluations are always credited directly to profit or loss
Correct answer
Upward revaluations are credited to Other Comprehensive Income (OCI) and accumulated in equity, unless reversing a prior downward revaluation of the same asset
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