[alexdn]

Please refer to below for more clarification, which does not state any reference to SMEs. Furthermore, there is a separate standard IFRS for SMEs which states that revaluation model is not permitted.

“Revaluation model. Intangible assets may be carried at a revalued amount (based on fair value) less any subsequent amortisation and impairment losses only if fair value can be determined by reference to an active market. [IAS 38.75] Such active markets are expected to be uncommon for intangible assets. [IAS 38.78] Examples where they might exist:
production quotas fishing licences taxi licences
Under the revaluation model, revaluation increases are recognised in other comprehensive income and accumulated in the “revaluation surplus” within equity except to the extent that they reverse a revaluation decrease previously recognised in profit and loss. If the revalued intangible has a finite life and is, therefore, being amortised (see below) the revalued amount is amortised. [IAS 38.85]“
Reference: https://www.iasplus.com/en/standards/ias/ias38

[alexdn]

IAS 38 prohibits revaluation model for intangible assets, unless specific evidence that there is an active market to support revaluation.

[alexdn]

Opinion: qualified except for as the matter is material but not pervasive (if management is reluctant to amend accounts)

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