Which of the following statements is most accurate? Group of answer choices A) IFRS allow companies...

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.

Solutions

Expert Solution

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.

jeff jeffy answered 2 years ago

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