Under GAAP revaluation to fair value of items such as land and building is permitted, which is not permitted under IFRS.

Name: Under GAAP revaluation to fair value of items such as land and building is permitted, which is not permitted under IFRS.
Brand: Quizplus
Rating: 4.8 (28 reviews)

Question

Quizplus · Accepted Answer

Under IFRS, revaluation to fair value of land and buildings is permitted, but it is not allowed to increase the carrying amount of these assets above their original cost. GAAP may allow for an increase in carrying amount above original cost.

Under GAAP Revaluation to Fair Value of Items Such as Land