Answer:
- fair value for balance sheet items
Explanation to the above answer.
Under the IFRS(international financial reporting standards) the basic goal is , assets can be revaluated to fair value ,because when any company applies IFRS ,it allows the write-up of impaired assets .The reason behind this is that, historical cost is one of the bedrock concepts of accounting theory. So in short we can say that, The goal of reporting under international financial reporting standards is to use fair value for balance sheet items
