What are some issues we are concerned with when comparing a company that measures PP&E at historical cost under US GAAP with a company that measures PP&E at fair value under IFRS $($revaluation model$)?$

In periods when fair values are increasing, a company reporting under IFRS can appear to be more profitable.

Impairments are recognized on the income statement under the US GAAP model but not the IFRS revaluation model.

All of the answers are correct.

Depreciation expense is recorded under the US GAAP historical cost model but not the IFRS revaluation model.