Q10: For those classes of Property, plant and equipment that a firm chooses to use the revaluation model, how do we value each item of Property, plant and equipment on an ongoing basis?

A:

For those classes of Property, plant and equipment that a firm chooses to use the revaluation model, each item of Property, plant and equipment is valued at:

“…a revalued amount, being its fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.”

AASB 116 para 31

Study Guide Chap 5 page 5-10