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Fixed Assets are currently recorded at historical cost and the expense (depreciation) is an allocation of that cost. Fair Value accounting has been proposed. Each

Fixed Assets are currently recorded at historical cost and the expense (depreciation) is an allocation of that cost. Fair Value accounting has been proposed. Each asset would be appraised each year. The decline in value would be the "depreciation expense". If an asset went up in value, that gain would be recorded in the income statement. What would happen if both GAAP and IFRS adopted fair value accounting? Consider both our consolidation work and international matters.

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