Select an account from one of the categories below.

• Long-lived assets subject to depreciation and amortization
• Intangible assets not subject to amortization because of indefinite lives, or
• Goodwill.

Examine the U.S. GAAP and IFRS standards related to reporting of that asset. Note the recording when book values and market values differ. What ethical principles might apply to the decision of which valuation is used?

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