Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. us gaap follows the historical cost concept in val

US GAAP follows the Historical Cost Concept in valuing the cost of long-term assets. Explain...

70.2K

Verified Solution

Question

Accounting

US GAAP follows the Historical Cost Concept in valuing the cost of long-term assets. Explain this principle 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? Provide 3 paragraphs. Do not use old Chegg answers or copy/paste word from word using websites.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

Explain the three major approaches to resolve financial distress?

Medical Sciences
1.2K views

1. Almost half of our vitamin K is synthesized by colonic bacteria. A patient put on...

Civil Engineering
1.2K views

A site investigation was conducted to determine the suitability of the material from a borrow pit...

Basic Math
1.2K views

Determine the value of sin x + cosx for x = 60 degrees.

Basic Math
1.2K views

Simplify a 45 x 4 b 55 x 53 0

Calculus
1.2K views

Determining the end behavior of the graph of a polynomial...(a) f(x)= = -2x + 2x...

Calculus
1.2K views

The frame for a kite is to be made from six pieces of wood The...

Algebra
1.2K views

Consider the mapping T R2 R given by O yes O NO Is T a...

Accounting
1.2K views

Homework - Chapter 19 Support Department Cost Allocation-Direct Method ...

Accounting
1.2K views

Discuss what accounts, class of transactions, and/or processes that should be included in the ICFR...

Accounting
1.2K views

find coat of goods sold ending inventory and gross margin using fifo and weighted average...

Accounting
1.2K views

Q # S& Y Boutique has incurred the following transactions during the previous month; ...