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In 2015 Regis Healthcare changed its accounting policy for Land and Buildings from Fair Value to Historical Cost. In the annual report the Directors...

In 2015 Regis Healthcare changed its accounting policy for Land and Buildings from Fair Value to Historical Cost. In the annual report the Directors advised that: '... the change in accounting policy in the current year is consistent with industry practice and therefore more relevant for the users of these financial statements'. The change in policy resulted in a net reduction in the carrying value of land and buildings of $20.460M.

Critique the change in accounting policy and the cited comments of the Directors.

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