Jul 12, 2017 Others

US GAAP follows the Historical Cost Concept in valuing the cost of Long-Term Assets. Explain this principle and how it compares to the standards used in the reporting of Long-Term Assets under International Financial Reporting Standards (IFRS). If there i

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US GAAP Research Paper

INSTRUCTIONS:

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US GAAP follows the Historical Cost Concept in valuing the cost of Long-Term Assets. Explain this principle and how it compares to the standards used in the reporting of Long-Term Assets under International Financial Reporting Standards (IFRS). If there is a convergence of standards, which method do you believe should be used and why? 

CONTENT:

US GAAP Student: Institution: The generally accepted accounting principles are usually used across the world in organizations in order to aid them in performing the accounting duties when transacting their businesses. In the United States, the GAAPS are used with

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