Revaluation of non-current assets

Under the IAS 16 revaluation model, an asset class is carried at fair value at revaluation less subsequent depreciation and impairment. At revaluation, compare fair value with the existing carrying amount. Account for the movement under the revaluation rules and recalculate future depreciation using the revised carrying amount, remaining useful life and residual value. Assets in the same class are revalued together.