The use of fair value to report assets
A) is not allowed under GAAP or IFRS.
B) is required by GAAP and IFRS.
C) is increasing under GAAP and IFRS but GAAP has adopted it more broadly.
D) is increasing under GAAP and IFRS but IFRS has adopted it more broadly.

Question

Quizplus · Accepted Answer

Fair value reporting is increasingly used under both GAAP and IFRS, but IFRS has adopted fair value measurement more broadly in various standards compared to GAAP.

The Use of Fair Value to Report Assets