International Accounting Standard No. 16 provides companies the option of valuing property, plant, and equipment at either
Question:
Under fair value, if there is an increase in the value of the property, plant, and equipment over the reporting period, then the increase is credited to stockholders’ equity.
However, if there is a decrease in fair value, then the decrease is reported as an expense for the period.
1. Why do International Accounting Standards influence U.S. GAAP?
2. What would be some of the disadvantages of using fair value accounting for property, plant, and equipment?
3. Why are there different treatments for increases and decreases in the fair value of property, plant, and equipment over a period?
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1 There is an emerging trend toward more uniform accounting standards worldwide This is caused by companies participating in multiple capital markets ...View the full answer
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Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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