When Valuing Assets,the U

question 61

Multiple Choice

When valuing assets,the U.S.GAAP allows an asset to be decreased if its value decreases,but cannot be increased if the value increases later.What is the IASB standard for this activity?

• A) The value of the asset must remain as initially recorded.
• B) The value of the asset must be increased annually.
• C) The value of the asset can be averaged over time.
• D) The value of the asset can be increased to reflect the increased market value.
• E) The value of the asset must remain the same for four accounting cycles, then can be changed to reflect current market value.

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Definitions:

Nondiscrimination Policy

Guidelines and practices implemented to ensure fairness and equality, prohibiting discrimination based on various factors like race, gender, age, or religion.

Ecological Fallacy

The error in reasoning that occurs when incorrect conclusions about individual-level processes are drawn from group-level data.

Discrimination

Unjust or prejudicial treatment of different categories of people, especially on the grounds of race, age, or sex.

Stereotypes

Overgeneralized beliefs about a particular category of people, which can influence perceptions and behavior in a biased way.