Property, plant, and equipment may be written up to fair value under $\begin{array}{lll}
& \text {IFRS}& \text {GAAF}\
\text { I. } & \text { Yes } & \text { Yes } \
\text { II. } & \text { Yes } & \text { No } \
\text { III. } & \text { No } & \text { Yes } \
\text { IV. } & \text { No } & \text { No }
\end{array}$

Question

Quizplus · Accepted Answer

Under IFRS, companies have the option to revalue their property, plant, and equipment to fair value, whereas GAAP does not allow for such revaluations, requiring these assets to be carried at cost less accumulated depreciation and impairment losses.

Property, Plant, and Equipment May Be Written Up to Fair