On 30 June 2020 the CEO has asked you to selectively revalue Land and Buildings...
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Accounting
On 30 June 2020 the CEO has asked you to selectively revalue Land and Buildings to improve the balance sheet. You note that some of the Land and Buildings on the balance sheet have fair values higher than their carrying amounts while others have fair values lower than their carrying amounts. Furthermore, some items of Land & Buildings have fair values that are difficult to measure reliably. Explain to the CEO how the relevant Australian accounting standard limits opportunistic revaluation s.
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