Valuing the Cost of Long-Term Assets
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Valuing the Cost of Long-Term Assets INSTRUCTIONS:
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:
Valuing The Cost of Long-term Assets Name: Class (Course): Professor (Tutor): School (University): The City/ State: 14th June 2015. The U.S essentially uses the historical cost concept in valuing the cost of long-term assets. This principle is based upon the time value of the asst. Here, there is a distinct maintenance of the initial book value of the asset at the time of its purchase. In other terms, the value of an asset is taken at the price at which it was purchased, without putting into consideration the depreciating or appreciating factor about the asset. It is only at the time when the asset is disposed
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