What do you know about the revaluation of assets? Fill in the blanks from the drop-down choices to help you understand this topic.

Once assets are

fair value

carrying amount

revaluation

current values

revalued

historic cost

, the frequency of

current values

revalued

revaluation

historic cost

fair value

carrying amount

then becomes an important issue as assets recorded at out-of-date values can mislead users. Using out-of-date revaluations on the statement of financial position is problematic. It lacks the objectivity and verifiability of

revalued

historic cost

carrying amount

current values

revaluation

fair value

; it also lacks the realism of

fair value

carrying amount

historic cost

revalued

revaluation

current values

. Revaluations should therefore be frequent enough to ensure that the net book value, or

historic cost

fair value

carrying amount

revaluation

revalued

current values

, of the revalued asset does not differ materially from its

revalued

revaluation

historic cost

current values

carrying amount

fair value

at the statement of financial position date.