As the standard states, when a revaluation is being done, the entire class of assets has to be revalued.
My question is, does the entire class have to be revalued at the same time? If for example the entity purchased 5 machines 10 years ago and 1 machine last year. I don’t think it would make sense to revalue the machine which was purchased last year.
You have to revalue all the assets in that class regardless of when they were purchased. The likelihood is that those purchased most recently will not have suffered any material increase in value anyway.