Which of the following is not part of the IFRS revaluation rules for tangible long-lived assets? Multiple Choice If an asset is written up, the revaluation surplus account must be reclassified each year to retained earnings. If a company elects to revalue any assets, all assets of a similar class must be revalued. Once assets are revalued, they must be kept up to date through regular reassessments. A company can elect to revalue individual assets.