Long-Term Operating Assets Must Be Reported on the Balance Sheet

question 25

Multiple Choice

Long-term operating assets must be reported on the balance sheet at fair value instead of historical cost. Does this statement apply to IFRS and U.S. GAAP?

• A) It applies to IFRS only.
• B) It applies to U.S. GAAP only.
• C) It applies to both IFRS and U.S. GAAP.
• D) It does not apply to IFRS and U.S. GAAP.

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