Increasing Wealth
Is this answer correct?
Presidential Management Staff chief Cerge Remonde said the jump in Mrs. Arroyo’s assets in 2007 was just “natural” due to increasing value of real estate in the country.
“Let us not forget that the President’s husband came from an old rich family, which own large (tracts of) land and the value of real property is really increasing so we should not give malice to it, it’s just natural for her assets to grow,” he said. (from this link)
WRONG!
Any accountant will tell you that assets are recorded based on acquisition cost and not on market value. Acquisition costs cannot appreciate over time and any increase in market value of any asset is only recorded when such asset is sold at that value.
So I suggest you go back to your accountant for a better answer. I won't give you an unsolicited one.
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