@CPAMommyof3
I have to dig deep into my old test session to get the explanation, see the explanation below.
Question: 71 Under IFRS, an entity that has elected to use the revaluation model for property, plant, and equipment (PPE) may revalue PPE as often as
A. 30 days.
B. Annually.
C. Anytime the determination is made.
Answer (C) is correct.
Assuming an entity elects the revaluation model instead of the cost model, an item of PPE whose fair value can be reliably measured may be carried at a revalued amount equal to fair value at the revaluation date (minus subsequent accumulated depreciation and impairment losses). Revaluation is needed whenever fair value and the asset’s carrying amount differ materially. If an item of PPE is revalued, all of the items in its class (e.g., land, buildings, or office equipment) also should be revalued. Accumulated depreciation is restated proportionately or eliminated.
D. 90 days.
REG -63│ 84!!
BEC- 59│70│ 71 │78!
AUD- 75!
FAR- 87!
Mass-CPA
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