(Discussion topic) Historical cost versus fair value accounting - Discussion post 11 From ACCT 4370 E01No unread replies.No replies. 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.