The standard says , Quote
“The items within a class of property, plant and equipment are revalued
simultaneously to avoid selective revaluation of assets and the reporting of
amounts in the financial statements that are a mixture of costs and values as
at different dates. However, a class of assets may be revalued on a ROLLING BASIS
provided revaluation of the class of assets is completed within a short period
and provided the revaluations are kept up to date.”
What does rolling basis mean?
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IAS 16 revaluation Rolling Basis
7y ago#1It means that not all assets in the category are revalued at the same time, and that provided that they are all done in a short period of time each asset will be revalued.
does that mean not all assets within the same category are revalued within one accounting year ? Is that what the standard is saying?
7y ago#3Yes, correct but it is a minor point within the standard.
Thanks
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