Discuss relevance and reliability as it relates to accounting. Below, 2 types of balance sheet assets are listed. For each of these, briefly discuss how the asset is valued (under US GAAP) and explain how relevance and/or reliability are salient for the valuation of the asset. You may have to go back to a previous textbook to remember how to account for these assets. Make sure you cover all aspects of valuation under US GAAP.

a. Property, plant, and equipment

b. Assets developed from in house (internal) research and development