Long-term operating assets must be reported on the balance sheet at fair value instead of historical cost. Does this statement apply to IFRS and U.S. GAAP?
A) It applies to IFRS only.
B) It applies to U.S. GAAP only.
C) It applies to both IFRS and U.S. GAAP.
D) It does not apply to IFRS and U.S. GAAP.

Question

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The Answer of Long-term operating assets must be reported on the balance sheet at fair value instead of historical cost. Does this statement apply to IFRS and U.S. GAAP?
A) It applies to IFRS only.
B) It applies to U.S. GAAP only.
C) It applies to both IFRS and U.S. GAAP.
D) It does not apply to IFRS and U.S. GAAP.

Long-Term Operating Assets Must Be Reported on the Balance Sheet