QUESTION 20

1. Under IFRS, which of the following is false concerning the accounting of long-lived assets?

   		Property, plant and equipment is accounting for under either the cost model or the revaluation model
   		Reversal of impairment losses is recorded, with the gain going to the Income Statement
   		Under the revaluation model, PP&E is adjusted to fair value with any gain/loss going to the Income Statement
   		The revaluation surplus account is transferred to retained earnings when PP&E is sold