The directors of Bodurm plc have decided to adopt a policy of revaluing all its...
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Accounting
The directors of Bodurm plc have decided to adopt a policy of revaluing all its buildings to reflect current fair values. The fair value of the buildings is determined by an independent surveyor to be 2,625,000 as at 30 April 2020. The revaluation does not give rise to a deferred tax liability.
Discuss the requirements of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors in relation to Bodurm plcs new accounting policy in relation to the measurement of inventories. Explain why these requirements are necessary.
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