CERTYNEX IFRS ACADEMY

An entity considers applying the revaluation model to a freely transferable fishing licence, an intangible asset. Which condition of IAS 38 must be met?

The fair value can be estimated by an internal discounting of cash flows, without reference to a market.

The fair value is determined by reference to an active market, the definition of which refers to IFRS 13.

An independent expert's opinion can replace the existence of an active market for this asset.

No condition: IFRS 13 permits the revaluation of any intangible asset.