It is stated in AASB 116 that under the revaluation model an asset's fair value is determined by its selling price in current condition; that is, it is an exit measure.

Question

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AASB 116 specifies that under the revaluation model, an asset's fair value should reflect its value to the entity (i.e., an entry measure), rather than an exit measure like selling price in its current condition.

It Is Stated in AASB 116 That Under the Revaluation