Assume you work for a company that has used the U.S. GAAP practice of valuing buildings at

Question:

Assume you work for a company that has used the U.S. practice of valuing buildings at historical cost less accumulated depreciation. Your company is considering revaluing the building annually based on fair value. Based on the concepts underlying the IFRS framework, how does fair value differ from historical cost? Use the example of fair value presented in the text as a starting point.

GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...