The purpose of this study is to examine the influence of firm size, fixed asset intensity, liquidity, leverage, declining cashflow from operation, and its impact on market reaction. The population in this study is manufacturing companies in Indonesia and Singapore 2015-2016. Sampling in this research using purposive sampling method, total sample of 228 manufacturing companies in Indonesia and 255 manufacturing companies in Singapore. Data analysis method used in this study is logistic regression and simple linear regression. The results showed that firm size, fixed asset, and leverage have an effect on revaluation policy in Indonesia, while liquidity and declining cash flow from operation have no effect on fixed asset revaluation policy in Indonesia. In contrast to what occurred in Singapore, the results showed that fixed asset intensity and leverage proved to have an effect on fixed assets revaluation policy, while firm size, liquidity, and declining cashflow from operation variables did not affect the policy of fixed asset revaluation in Singapore. In addition, this study also found the effect of fixed asset revaluation on market reaction in Indonesia and Singapore. The study also found differences in the adoption of fixed asset revaluation policies in Indonesia and Singapore.