Black Spur Station Pty Ltd, a cattle farm (ranch/outback cattle station) has a choice to make when deciding which accounting method to adopt; the Revaluation Model (Net Method) or the Cost Model to revalue its property, plant & equipment - farming equipment. Required: As the Accountant for Black Spur Station Pty Ltd, the arguments for the adoption by the entity for the Revaluation Model, instead of the Cost Model would be Contemporary values based on estimations from city valuers distorts total assets. The Revaluation method allows only decrements (decreases) in asset values and avoids overstating non-current assets. All fair values can be verified from contracts and invoices. It allows for increments and decrements in the non-current asset values and supports the conceptual understanding of contemporary values and relevance. It supports the historical cost view which is superior to the concept of relevance