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In: AccountingUnder U.S. GAAP, long-lived assets, such as real estate arereported on the balance sheet at...Under U.S. GAAP, long-lived assets, such as real estate arereported on the balance sheet at the original purchase price of theasset. In the event that the value of a real estate becomes“impaired”—that is, the current market value of the real estatefalls below its original purchase price and is unlikely to recoverthe lost value in the foreseeable future—the asset’s book value iswritten down to the lower current value and a loss is recorded onthe firm’s income statement. Under no circumstances, however, can afirm write up the value of its real estate assets in the vent thatcurrent market value exceeds original purchase price. Discusswhether U.S. GAAP should be changed to allow a symmetric treatmentof asset value increases and decreases. What are the implicationsof this asymmetry in the accounting treatment of assets (such asreal estate) for U.S. financial statement users?