In: Finance
Which of the following statements is most accurate?
Group of answer choices
A) IFRS allow companies to value long-lived assets either under a cost model at historical cost minus accumulated depreciation or under a revaluation model at fair value.
B) IFRS require companies to value long-lived assets under a revaluation model at fair value.
C) US accounting standards allow companies to value long-lived assets either under a cost model at historical cost minus accumulated depreciation or under a revaluation model at fair value.
DE) US accounting standards suggest companies to value long-lived assets under a cost model at historical cost minus accumulated depreciation.
A) IFRS allow companies to value long lived assets either under a cost model at historical cost minus accumulated depreciation or under revaluation model at fair value.
Explanation: IFRS allows to use both cost and revaluation method , where as GAAP allows to use only cost method.
US GAAP does not suggest but allows to use cost method.