What are the two models used for measuring non-current assets?

The two models used for measuring non-current assets in financial reporting are the Cost Model and the Revaluation Model.

The Cost Model is based on the principle that an asset is recorded at its historical cost and is subsequently measured at that cost less any accumulated depreciation and impairment losses. This model emphasizes reliability and is straightforward, as the actual transaction price provides a clear basis for reporting the value of the asset.

In contrast, the Revaluation Model allows for the periodic re-evaluation of an asset's fair value. Under this model, non-current assets can be valued at their fair market value on a specific date, which may result in increases or decreases in the asset's carrying amount over time. This model provides updated information about the value of the assets, reflecting current market conditions. However, it can also introduce more variability into financial statements, as it requires regular assessments of fair value.

The other options do not accurately represent the models used for measuring non-current assets as defined in IFRS. The Historical Model and Current Model terminology is not standard in accounting; likewise, the Acquisition Model and Disposal Model focus on specific transactions rather than ongoing measurement approaches.