Under current GAAP , assets that have been donated to a company are recorded at fair value.

Question:

Under current , assets that have been donated to a company are recorded at fair value.
Team Debate:
Team 1: Argue that donated assets should not be reported in a company’s balance sheet. Base your arguments on the conceptual framework. You might find the historical cost principle useful in your discussion.
Team 2: Argue in favor of the current treatment for donated assets. Base your arguments on the conceptual framework, where appropriate. GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...