If we decide to revalue the fixed assets do we need to revalue retrospectively also the prior period and if we don’t have a reliable info what is the best approach which the auditor should take?
Revaluation is a change in estimate, not policy. Therefore its effect is prospective only.
Best approach is seeking from revaluation experts and then seeing whether the assumptions made by these experts is appropriate or not.
Hope I could be of little help…
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