sandyf

Many seem to be under the impression that what goes down can go up, but it doesn’t work like that in finance. There are established accounting procedures in place for depreciation but other than gold, there are no such procedures for appreciation. Many moons ago the government banks in Iraq had to get permission from the IMF to revalue certain assets, something that caused a bit of hysteria at the time. No country has ever revalued the currency to an extent that would mean changes in the accounts, minor revaluations can be absorbed relatively easily.