The get_field_object() function requires the field KEY not the field NAME. See docs: http://www.advancedcustomfields.com/resources/functions/get_field_object/
(You can find the field key by clicking on “Screen Options” > “Show Field Key” and it should appear next to the field type.)
So it should looks something like this:
<?php field = get_field_object('field_53d27f5599979'); $value = get_field('field_myfield'); $label = $field['choices'][ $value ]; ?>