Revaluation of land and buildings is permitted under
A) GAAP but not IFRS.
B) IFRS but not GAAP.
C) both IFRS and GAAP.
D) neither IFRS nor GAAP.

Name: Revaluation of land and buildings is permitted under A) GAAP but not IFRS. B) IFRS but not GAAP. C) both IFRS and GAAP. D) neither IFRS nor GAAP.
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Question

Quizplus · Accepted Answer

Revaluation of land and buildings is allowed under IFRS, but not under GAAP. Under GAAP, land and buildings are recorded at historical cost and are not subject to revaluation.

Revaluation of Land and Buildings Is Permitted Under