Which statement is NOT true about accounting for capital assets?

Deferred maintenance should not be recorded as part of the capital asset because it refers to necessary repairs or maintenance that have been postponed but do not improve the value or extend the useful life of the asset. Capital assets are generally recorded at historical cost, and costs that are capitalized should enhance the asset's value or extend its useful life—not maintenance that has merely been deferred.

On the other hand, recording capital assets at historical cost is fundamental in accounting, as it provides a basis for establishing the value of the asset on the balance sheet. Interest costs incurred during the acquisition process can also be capitalized, as they are directly attributable to bringing the asset to a usable state. Lastly, revaluing capital assets above historical cost can occur under certain accounting standards which allow for adjustments reflecting fair market value, making room for revisiting asset valuations due to significant improvements or changes in market conditions.