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.

Discuss whether the assets should remain at historical cost or revalued to the increased fair market value. Support your response.

In your own words, please post a response to the Discussion Board and comment on other postings. You will be graded on the quality of your postings.

Select 2 of you classmates' posts, and answer 1 of the following questions:

• Do you agree with the treatment proposed by your classmate? Why or why not? (Revaluation can be subjective.)
• How could an organization provide support for the fair value used in financial reporting?

in your own words please!