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What is Revaluation

Chapter 10
Throughput Accounting in a Hyperconnected World
Process of increasing or decreasing their carrying value in case of major changes in fair market value of the fixed asset.
Published in Chapter:
The Decision Process Based on the Accounting Information System
Traian Ovidiu Calotă (Titu Maiorescu University, Romania) and Alin Eliodor Tănase (Titu Maiorescu University, Romania)
Copyright: © 2019 |Pages: 19
DOI: 10.4018/978-1-5225-7712-6.ch010
Abstract
Historical cost is the main basis for assessing tangible assets in the annual financial statements. However, the accounting regulations applicable in Romania allow the valuation of tangible investments at fair value determined by authorized persons. Once chosen, this option must be applied consistently for the entire class of tangible assets subject to revaluation. By January 1, 2015, national regulations did not allow the return from the fair value method to historical cost method. The chapter aims to present both the accounting and tax treatments to be adopted when choosing the fair value, as well as those related to returning to the cost-based approach.
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