U.S Generally Accepted Accounting Principles GAAP use historical cost to value plant assets, whereas international standards allow revaluation. Many users of financial information support the use of revaluation. Assume that the company that you work for was conducting an asset impairment test. In performing the 2020 annual impairment testing, it was noted that the asset had increased in value. 1. Discuss whether the assets should remain at historical cost or revalued to the increased fair market value. Support your response.