Revaluation model

Hi guys, just to check is it correct that under the revaluation model, it’s permitted for an asset to revalued about historical cost? I.e. If the historical cost is £100,000 and it is revalued to £2.5m

it’s better to use carrying amount, not historical cost. Yes, it can be reevaluated ABOVE carrying amount in IFRS, BUT those gains from reevaluation in excess of the carrying amount goto Equity, and not Income Statement.