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Why statement is included in the accounting policy note

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Reference no: EM132789560

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 signi?cant accounting policies: '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.'

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

Reference no: EM132789560

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