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Provide advice to Kaelyn

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Reference no: EM132924467

Question - You are the accountant for a small accounting firm, Bailey Pty Ltd. A client, Kaelyn has just emailed you with great confusion over accounting for her non-current assets. She does not understand the difference between a revaluation decrement and an impairment loss and has asked why we have different names for the same process. Provide advice to Kaelyn, with relevant references to the Australian Accounting standards in your answer.

Reference no: EM132924467

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