In terms of valuation, U.S. GAAP generally uses ________, while IFRS generally uses ________.
A)market values, historical values
B)historical values, historical values
C)historical values, market values
D)market values, market values

Question

Quizplus · Accepted Answer

U.S. GAAP generally uses historical values for valuation, while IFRS generally uses market values. This means that under U.S. GAAP, assets are valued at their original cost (historical value), while under IFRS, assets are valued at their fair market value.

In Terms of Valuation, U