The implications of applying the revaluation procedure for financial and revenue standing of the reporting entities

Abstract

Financial reporting requires continuous access to transparent information needed by possible customers when making business decisions. In this regard, it is essential that the data presented in thus arranged system are accurate. This is provided by value- expressed attributes of depreciation and revaluation. Revaluation of the reporting entities' assets makes it possible to adjust the financial reports for the current situation of the market.

Keywords

• financial reporting
• revaluation
• international accounting standard