Final answer:
In revaluation accounting, it is true that assets may be initially written down and then later written up to reflect current market values, which helps maintain accurate financial statements.
Step-by-step explanation:
In revaluation accounting, the statement that there is an initial revaluation down and subsequent revaluation up can be true. This method involves adjusting the book value of an asset to its current market value. If an asset's value has decreased since the last revaluation, it will be written down, which is the initial revaluation down. Should the asset's value increase later, a subsequent revaluation up may occur. These adjustments ensure that the company's financial statements reflect the most accurate information.