In what way does IAS 16 (Property,Plant,& Equipment)differ from U.S.GAAP concerning fixed asset measurement subsequent to initial recognition?
A)IAS 16 allows for upward revaluation of the asset based on fair value.
B)IAS 16 does not allow accumulated depreciation to be shown on the balance sheet.
C)IAS 16 requires that fixed assets be carried at fair value less accumulated impairment losses.
D)IAS 16 allows both upward and downward revaluation of fixed assets,whereas U.S.GAAP only allows upward revaluation.

Question

Quizplus · Accepted Answer

IAS 16 allows for the revaluation model, which permits upward revaluation of assets to fair value, whereas U.S. GAAP generally does not allow for upward revaluation of fixed assets after initial recognition.

In What Way Does IAS 16 (Property,Plant,& Equipment)differ from U