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After an asset has been initially recognised at cost it may be measured using the following measurement method: Select one: 1. liquidation value 2. accrual 3. revaluation 4. realisable value
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Once an Asset is initially recognised at Cost, it can be subsequently measured using the Revaluation Method.
IFRS permits two accounting models:
- Cost Model
- Revaluation Model
Under the revaluation model, revaluation should be carried out regularly, so that the carrying amount of an asset does not differ materially from its fair value at the balance sheet.
Standards prescribes only above methods.
