This study aims to investigate factors why Indonesian managers choose a revaluation model for their fixed assets. Few Indonesian firms apply the revaluation model, and are more likely to opt for incidental fixed asset revaluation, without regular revaluation and keep historical cost valuation. We observed all companies listed on the Indonesia Stock Exchange during the period 2008-2016, and identified 76 out of 531 companies applying the revaluation model. We use logistic regression to identify the motivation of fixed asset revaluation. The result is the revaluation of fixed assets in Indonesia is designed to the fulfillment of contractual agreements with creditors, since revaluation increase the value of debt covenant and improve debt-to-equity positions. The revaluation of fixed assets is also motivated by tax incentives enacted in 2015 and 2016. Then, we find that revaluation reserve relevant to future company’s performance. These findings are supported by the timing of the revaluation model selection, where many Indonesian firms choose a revaluation model along with the rise of property prices and tax incentives in 2015. However, corporate governance is less likely to engage in action to revalue assets. These results support new findings to see the implementation of IFRS in Indonesia is motivated by the tax incentives, business conditions and corporate governance.