Consider the Basis for Conclusions in IAS 16, Property, Plant and Equipment ( particularly paragraph BC25) as

Question:

Consider the Basis for Conclusions in IAS 16, Property, Plant and Equipment ( particularly paragraph BC25) as well as the legacy United Kingdom standard on tangible fixed assets - Financial Reporting Standard ( FRS) 15 ( particularly Appendix IV, paragraphs 17 and 29 through 34). Both IFRS and legacy UK allow firms to revalue PPE, whereas U. S. does not.
a. Does either the discussion in IAS 16 or in FRS 15 provide any insight as to why PPE revaluations were/ are allowed?
b. Why, according to FRS 15, are upward revaluations treated differently than downward revaluations, with respect to where firms report the unrealized gains and losses in the financial statements?
Under certain circumstances, IFRS allows some to be revalued, whereas U. S. does not allow revaluation. Read the Basis for Conclusions in IAS 38, , particularly paragraphs BC76 and BC77. Does the IASB provide any insight as to why it decided to allow the revaluation of some ?
FASB issued ASU 2014- 02 in January 2014 to allow private companies an alternative to testing for impairment.
1. Please provide a discussion of why FASB issued the standard.
2. What are the primary differences in this standard for private companies and the accounting for impairments for public companies?
3. Explain why FASB chose to allow each of these differences. Goodwill
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