Question
US GAAP follows theHistorical Cost Concept in valuing the cost of Long-Term Assets. Explain thisprinciple and how it compares to the standards used in the
US GAAP follows theHistorical Cost Concept in valuing the cost of Long-Term Assets. Explain thisprinciple and how it compares to the standards used in the reporting ofLong-Term Assets under International Financial Reporting Standards (IFRS). Ifthere is a convergence of standards, which method do you believe should be usedand why?
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Fundamentals of Financial Management
Authors: Eugene F. Brigham, Joel F. Houston
15th edition
1337671002, 978-1337395250
