IFRS _____ firms to remeasure property, plant, and equipment upward for increases in fair value under certain conditions.U.S.GAAP _____ such upward remeasurements.

Question

Quizplus · Accepted Answer

IFRS allows firms to revalue their property, plant, and equipment upwards if certain conditions are met, reflecting increases in fair value. In contrast, U.S. GAAP does not permit upward revaluation of these assets, requiring them to be reported at cost less accumulated depreciation and impairment losses.

IFRS _____ Firms to Remeasure Property, Plant, and Equipment Upward