Asked by Blake French on Apr 27, 2024
Verified
The accounting model IFRS permits for long-lived tangible assets is
A) the cost method.
B) the revaluation method.
C) either the cost method or the revaluation method under certain circumstances.
D) the same method prescribed by U.S.GAAP.
Revaluation Method
A method used to adjust the carrying value of an asset to its current market value on the balance sheet.
IFRS
The International Financial Reporting Standards (IFRS) provide a common global language for business affairs so that company accounts are understandable and comparable across international boundaries.
- Distinguish between the accounting models under IFRS and U.S. GAAP for long-lived tangible assets.
Verified Answer
Learning Objectives
- Distinguish between the accounting models under IFRS and U.S. GAAP for long-lived tangible assets.
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