How to use the MAX and IF Function to fetch the most recent date - Revaluation Use Case
Use the MAX and IF Function to get the most recent date of an item purchased.
When purchasing a items (spare parts, office equipment etc), it is usually recorded at cost-price. It’s likely that the item/asset’s market value will change over time, so businesses can choose whether to continue valuing the asset at historical cost or whether to use the revaluation model, whereby financial records are updated to reflect item/assets’ up-to-date market value.
The revaluation model allows for both upwards and downwards adjustments to reflect both increases (appreciation) and decreases (depreciation) in the value of an asset, whereas the cost model only allows for downward adjustments to account for impairment losses.
This means to update the value of that particular asset you will need the most recent