The study reveals the extent of changes in selective financial numbers caused by fixed asset revaluation (FAR) and explores whether there was a management motive for playing the financial numbers game through using the FAR model. The data set consists of a sample of 142 listed companies purposively selected from 13 industries. The study found a significant impact of FAR on the net asset value (NAV), fixed asset intensity (FAI), and debt-to-equity ratio (DER). These findings are supported by the political cost and the debt covenant hypotheses. The study also observed a high growth of fixed assets by 9.5% to 14,603.8% resulting from FAR. More revealing is that FAR increased NAV in revaluer companies by an average of 427.20% as compared to 6.86% in non-revaluer companies. Even some companies with negative NAV took resort on FAR to show positive NAV. Besides, revaluer companies managed to reduce their DER by 70.45% as opposed to an increase of 8.45% in non-revaluer companies. Hence, the study concludes that most of the publicly-listed companies are involved in financial numbers game by the use of the FAR model. To build confidence among investors, companies should practice FAR rightly and disclose related information to help reduce information asymmetry.

Abstract
1. Introduction
2. The Context of FAR in Bangladesh
3. Literature Review and HypothesisDevelopment
    3.1. Accounting Theories and FAR
    3.2. Revaluation Decision and FAR Motives
    3.3. Entity-Specific Factors and FAR
    3.4. Future Firm Performance (FFP) and FAR
    3.5. Studies on FAR in Bangladesh
    3.6. Hypothesis regarding FAR and FinancialNumbers Game
4. Methodology of the Study
5. Data Analysis and Results
6. Summary and Conclusion
References

• Md. Tahidur RAHMAN(Department of Business Administration, Bangladesh Army International University of Science and Technology) Corresponding Author
• Syed Zabid HOSSAIN(Department of Accounting and Information Systems, University of Rajshahi)