US GAAP follows the Historical Cost Concept in the valuing of long-Term Assets.
Question # 00310820
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Updated on: 06/09/2016 06:36 PM Due on: 07/09/2016
US GAAP follows the Historical Cost Concept in the valuing of long-Term Assets. Explain this principles and how it compares to the standards used in the reporting of Long-Term Assets under International Financial Reporting Standards (IFRS). If there is a convergence of standards, which method do you believe should be used and why?
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Solution: US GAAP follows the Historical Cost Concept in the valuing of long-Term Assets.