Under current accounting rules, the carrying value of a building can be increased to its fair value.

Name: Under current accounting rules, the carrying value of a building can be increased to its fair value.
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Quizplus · Accepted Answer

Under current accounting rules, specifically the historical cost principle, the carrying value of a building is not typically increased to its fair value unless specific revaluation models are applied under certain accounting standards like IFRS, but not under US GAAP.

Under Current Accounting Rules, the Carrying Value of a Building