Discuss and explain If an entity is considering revaluing its exploration and evaluation assets, would the revaluation increase the ‘relevance’ of the information from the perspective of the readers of the financial statements? Further, provide explanation for capitalising the expenses at evaluation and exploration stage also restoration of a oil extraction project.

Answer rating: 100% (QA)

Answer Exploration and evaluation assets are reclassified procedures that have been completed to rec... View the full answer