An Entity That Elects the Revaluation Model to Measure a Class

question 23

True/False

An entity that elects the revaluation model to measure a class of asset is permitted to revert back to the cost model provided that this will provide more relevant and reliable information.

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Definitions:

Academics

Individuals engaged in the practice of studying, teaching, and conducting research at colleges or universities.

Literature Review

A comprehensive survey and summary of existing publications and research on a particular topic.

Summary

A brief statement or account that captures the major points of a text, document, or presentation, providing a condensed overview of its main ideas and findings.

Synthesis

The process of combining ideas, information, or data to form a coherent whole.