What are the approaches used to develop accounting standards, and the differences between them? Who use each of them? At the initial measurement of Property, plant, and equipment, they should be measured at fair value when a purchasing the asset plus any future dismantling costs present value of the .b future dismantling costs the actual historical c amounts incurred when acquiring the asset, without considering any future amounts fair value, if the asset .d acquired in exchange of a non-monetary .asset IFRS allow the use of fair value according to IAS 16, US GAAP do not. This represents: a Definition difference. b. Disclosure difference C Recognition difference d Measurement difference One of the following is not permitted under US GAAP: a. Selling property plant and equipment. b. The depreciation of property plant and equipment. C. The use of revaluation model in measuring property plant and equipment d. The impairment of property plant and equipment. Compared with IFRS, less guidance is provided by US GAAP on inventories. a. True b. False Compared with US GAAP, IFRSs require less judgment True .a False .b According to IAS 36 "impairment of assets", if impairment loss was previously recognized, this loss should be reversed when a the recoverable amount exceeds the carrying amount. b. the carrying amount exceeds the recoverable amount the recoverable amount equals the carrying amount de this loss should not be reversed. Under IAS 2, cost of inventory includes: a. Cost of conversion b. Selling cost c. Storage cost D d. Abnormal amounts of wasted material On the first revaluation after initial recording a revaluation increase is reported in income statement, revaluation decrease is reported in other comprehensive income. b. revaluation increase and decrease are reported in other comprehensive income. c. revaluation decrease is reported in income statement, revaluation increase is reported in other comprehensive income d. revaluation increase and decrease are reported in income statement Clear my choice Companies choose the revaluation model as a measurement basis are required under IAS 16 to: a. make revaluation annually brevalue all assets of the same class at the same time c. use revaluation model also for investment property di use of or fair value within a class of assets Com dit