Which of the following statements is true regarding revaluation of property,plant,and equipment to fair value?
A)Only IFRS allows revaluation of property,plant,and equipment to fair value.
B)Only U.S.GAAP allows revaluation of property,plant,and equipment to fair value.
C)Both U.S.GAAP and IFRS allow revaluation of property,plant,and equipment to fair value.
D)Neither U.S.GAAP nor IFRS allows revaluation of property,plant,and equipment to fair value.

Question

Quizplus · Accepted Answer

IFRS allows revaluation of property, plant, and equipment to fair value, whereas U.S. GAAP does not permit revaluation to fair value.

Which of the Following Statements Is True Regarding Revaluation of Property,plant,and