Final answer:
A company may use the revaluation model for intangible assets under IFRS only if there is an active market for those assets, to ensure fair value can be measured reliably.
Step-by-step explanation:
Under IFRS, a company that acquires an intangible asset may use the revaluation model for subsequent measurement only if an active market exists for the intangible asset. This is because revaluation to fair value is only reliable when there is an active market providing pricing information. An intangible asset's useful life or whether it is a monetary asset are not relevant to the use of the revaluation model. Instead, the ability to measure the fair value reliably through an active market is essential. Revaluation results in the intangible asset being carried at a revalued amount, which is its fair value at the date of revaluation less any subsequent accumulated amortization and impairment losses.
It is of note that this option is not widely used for intangible assets because active markets for them are rare. Most intangible assets are unique and do not have a price that is publicly available or regularly exchanged in a market. Examples of intangible assets that might have active markets include certain types of licenses or trademarks where regular buy and sell prices can be observed.