Question: Question 1 (3 marks) A first-time shareholder has approached you requesting some advice. The shareholder has received the companys annual report and noticed the following

Question 1 (3 marks)

A first-time shareholder has approached you requesting some advice. The shareholder has received the companys annual report and noticed the following statement in the summary of significant accounting policies:

The financial report has been prepared on the basis of historical cost, except for the revaluation of certain non-current assets which is explained in the notes.

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