• We learned in Chapter 8 that U.S. GAAP requires the use of historical cost to value land and buildings on the balance sheet. Yet some of these assets may appreciate in value over time, and thus these assets are reported on the balance sheet as amounts that dont necessarily reflect the true economic value of these assets. International accounting standards permit companies to reflect this revised value by writing up assets like land and buildings to fair value. Which method do you think makes the most sense, and why? But we all know that life isnt always perfect. Does your recommendation have any potential drawbacks or limitations? If so, please identify.