Following U.S.GAAP,the carrying value of a building can be increased to its fair value.

Name: Following U.S.GAAP,the carrying value of a building can be increased to its fair value.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Under U.S. GAAP, the carrying value of a building cannot be increased to its fair value. Revaluation to fair value is not permitted; assets are carried at historical cost less accumulated depreciation and impairment losses.