CERTYNEX IFRS ACADEMY

Jeumac adopts the revaluation model for its land for the first time. Its accountant restates comparatives and opening equity of the earliest period presented 'as for any voluntary change'. What is the error?

This change is dealt with as a revaluation under the standard concerned, without applying paragraphs 19 to 31 of IAS 8.

The revaluation model can never be adopted after the cost model.

The adoption should have been treated as a change in estimate.

Comparatives should have been restated, but not opening equity.