Which of the following statements about the use of fair value to value property, plant, and equipment (PP&E) are true? (Select all that apply.)

Check All That Apply

• U.S. GAAP requires companies to report PP&E in the balance sheet at book value.

• IFRS requires companies to report PP&E at fair value.

• The Revaluation Surplus account balance is reported as a component of retained earnings.

• Under IFRS, if the fair value of a PP&E asset is higher than its book value, the difference is reported as other comprehensive income (OCI).