When an asset's fair value has increased and a firm elects the revaluation method, Multiple Choice the amount of the necessary write-up is credited to a contra-asset account called revaluation surplus subsequent depreciation is based on the asset's original cost under US GAAP, the accumulated depreciation account is removed and the revalued amount becomes the new book value. under IFRS, the accumulated depreciation account to removed and the revalued amount becomes the new book value