Define asset revaluation and explain why it is ... - SS2 Accounting Revaluation of Assets Question

Asset revaluation is the process of adjusting the carrying value of an asset on a company's balance sheet to its current market value. It is important for a company's financial statements to accurately reflect the value of its assets because it provides a more accurate picture of the company's financial health and can help to inform important business decisions. By revaluing assets, companies can ensure that their financial statements are up-to-date and reflect changes in the value of their assets over time.