Under IAS 2 revaluations are permitted:
A)only in the form of a write-down.
B)only when an independent valuation is made by an external party.
C)only if upward revaluations are credited to an inventory revaluation reserve.
D)only if the replacement cost of the asset is higher than the historical cost.

Question

Quizplus · Accepted Answer

IAS 2 allows for the revaluation of inventory only in the form of a write-down to net realizable value when the inventory's cost is higher than its net realizable value.

Under IAS 2 Revaluations Are Permitted