US GAAP generally follows historical cost accounting in reporting property, plant, and equipment (PP&E). IFRS is moving towards fair value accounting with respect to reporting PP&E. Which approach do you think is preferable? What are the pros & cons of each? In your analysis, keep in mind the point of view's of the public users, internal users, and practitioners.

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PPE is a tangible asset that is is an asset with a physical presence that is also long term in nature which is acquired for use in business operations ... View the full answer