During a study session, one of your classmates states the following:
“All companies can choose to use the revaluation model, but if they choose to use it, it must be used for all of the assets in the same class. When asset values are increasing, use of the revaluation model would have the effect of increasing the company’s net income, improving its current ratio.”

Required
Evaluate your classmate’s response. Identify the elements that are correct and incorrect.