IFRS allows for the use of fair value accounting for all assets, whereas GAAP emphasizes historical cost for most long-term assets. In 300 words or more, identify some of the issues that pertain to the use of fair value accounting and historical cost as it applies to long-term assets, including both tangible and intangible assets. Provide your opinion whether U.S. companies should continue to use their present methods for valuing assets or if they should adopt fair value for all assets. Why or why not? Impairment testing differences can be discussed and analyzed as well.

Please write your answer using your own words and please do not copy and paste. Thank you.