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Difference between fair value and carrying value

In revaluation model, there is a comparison between fair value and carrying value. What’s the difference between fair value and carrying value? How does the question tell you these two numbers? 


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Under the revaluation model permitted under IFRS, an asset is revalued every reporting period to fair value. (Fair value defined as market value and/or present value of future cash-flows of the asset). The carrying value is then the new ‘revalued value’ on the balance sheet.
Note that any revaluations in excess of the initial fair value are not recorded in profit and loss but in OCI as revaluation surplus.
This contrasts with the historical cost model where the carrying value is simply the historical costs minus the accumulated depreciation.


Fair value - Price that currently selling in the market place.

Carrying value - Price you bought the asset for minus any sort of impairments/depreciation or amortization.