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Which of the following is a difference between US GAAP and IFRS when accounting for long-term tangible assets? US GAAP requires the recognition of all
Which of the following is a difference between US GAAP and IFRS when accounting for long-term tangible assets? US GAAP requires the recognition of all asset retirement obligations, but IFRS treats asset retirement obligations as contingent liabilities. O US GAAP allows long-term asset to be revalued at the end of each year instead of recognizing depreciation, and IFRS requires depreciation. O IFRS allows reversals of asset impairments even above the asset's original cost, and US GAAP does not. O IFRS requires tangible assets to be adjusted to their fair market values at the end of each period, and US GAAP does not
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