Revaluation of an entire class

Learning objectives

• Identify classes of property, plant and equipment.L2
• Assess whether a revaluation on a rolling basis meets the conditions of the Standard.L3

Normative references

• IAS 16 §36Revaluation of the entire class to which the asset belongs.
• IAS 16 §37Class = assets of a similar nature and use; examples: land, land and buildings, machinery, ships, aircraft, motor vehicles, furniture and fixtures, office equipment, bearer plants.
• IAS 16 §38Simultaneous revaluation of the items within a class, or on a rolling basis over a short period provided the revaluations are kept up to date.

Original summaries of the paragraphs (reference register), never a quotation of the standard.

1 question

• An entity wants to apply the revaluation model. Which groupings are classes of property, plant and equipment as defined in IAS 16? (Select all that apply.)L2