Financial reporting as defined by both U.S. and international standards is moving away from:

Question

Quizplus · Accepted Answer

Financial reporting, under both U.S. and international standards, is increasingly moving away from historical-cost reporting on the balance sheet towards more current valuation measures such as fair value. Historical cost is based on the original cost of an asset or liability, which may not reflect its current value.

Financial Reporting as Defined by Both U