Why have different names for the same process

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Question 1: You are the accountant for a small accounting firm, Zandy Pty Ltd. A client, Tom Jones has just emailed you with great confusion over accounting for his non-current assets. He does not understand the difference between a revaluation decrement and an impairment loss and has asked why we have different names for the same process. Provide advice to Tom, with relevant references to the Australian Accounting standards in your answer.

Reference no: EM132496923

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