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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?
It 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?
Yes, correct but it is a minor point within the standard.