Why statement is included in the accounting policy note

Reference no: EM132475887

A first-time shareholder has approached you requesting some advice.

The shareholder has received the company's annual report and noticed the following statement in the summary of significant accounting policies:

Point 1: "The financial report has been prepared on the basis of historical cost, except for the revaluation of certain non-current assets which is explained in the notes."

Question 1: Explain to the shareholder why this statement is included in the accounting policy note.

Reference no: EM132475887

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