For revaluation model under IFRS, asset is valued at fair value on the balance sheet. Is depreciation expenses for the asset accounted for under the revaluation model too?
My reason for asking this is because I recall back in Level I FRA notes (Schweser) that a professor note stating that depreciation expenses are not taken into account.
pg 218, S9, Assigned Reading #30- Long-Lived Assets (Schweser CFA 2014 Level I Book 3)
Professor’s Note: Under the revaluation model, a firm does not recognise depreiation expense on an asset, but insread revalues it downward if its fair value decreases with use or age