U.S.Generally Accepted Accounting Principles require the reporting of plant assets at ________ on the balance sheet.International Financial Reporting Standards allow the reporting of plant assets at ________ on the balance sheet.

Question

Quizplus · Accepted Answer

U.S. GAAP requires plant assets to be reported at historical cost, while IFRS allows for the reporting of plant assets at fair market value, offering a more current valuation.

USGenerally Accepted Accounting Principles Require the Reporting of Plant Assets