IFRS permits upward asset revaluations, the recognition of unrealized increases in the fair value of long-lived assets under certain conditions.

Question

Quizplus · Accepted Answer

IFRS allows for upward asset revaluations and the recognition of unrealized increases in the fair value of long-lived assets, subject to certain conditions such as regular revaluations and adequate documentation.

IFRS Permits Upward Asset Revaluations, the Recognition of Unrealized Increases