An intangible asset is similar to any economic resource in that its value is equal to the sum of the present values of the projected cash flows related to use of the asset in operations. Plant assets are not revalued under U.S. GAAP, but revaluation is an option under IFRS.

What are some of the benefits of revaluation from the standpoint of a financial statement user?

What happens on the balance sheet when plant assets are revalued?