George Philip
Active Member
Hi all, I was goin through the practice questions in Chapter 11 and was unsatisfied by the answer given for Q11.5
Q.11.5
State why a company may revalue its non-current assets and describe the impact of an upwards
revaluation on the company’s financial statements.
The answer that was provided only talks about the changes that are reflected in the statement of financial position and the statement of comprehensive income. But the second part of the question, specifically the impact of upward revaluation is not provide. Could some share what that impact would be for the company and the directors?
Thanks in advance.
Q.11.5
State why a company may revalue its non-current assets and describe the impact of an upwards
revaluation on the company’s financial statements.
The answer that was provided only talks about the changes that are reflected in the statement of financial position and the statement of comprehensive income. But the second part of the question, specifically the impact of upward revaluation is not provide. Could some share what that impact would be for the company and the directors?
Thanks in advance.