Revaluation of assets

Revaluation as per International Accounting StandardsBoard:

It is unclear whether revaluation of assets held under finance leases is permitted by IAS 17. IAS 16 and IAS 38 permit the revaluation of assets (although revaluation under IAS 38 is restricted to those assets for which there is an active market). However, practice has developed such that some assets held under finance leases are revalued, for example, long-term leases of buildings where the lease terms can be in excess of 100 years.

Please Refer ............

20 April 2010 IASB/FASB Joint Board Meeting.