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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Valuation and accuracy
What is the difference between valuation assertion and accuracy assertion and how to identify it
SEE in Chapter 16 – the difference between:
– “accuracy” for transactions and events – “amounts have been recorded appropriately … ” and
– “accuracy, valuation (and allocation)” for balances – “assets, liabilities and equity interests are included at appropriate amounts and any resulting valuation (or allocation) adjustments are
appropriately recorded … “.
