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Financial Accounting

15th Edition
Carl Warren + 2 others
ISBN: 9781337272124

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BuyFindarrow_forward

Financial Accounting

15th Edition
Carl Warren + 2 others
ISBN: 9781337272124
Textbook Problem
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What is the most significant IFRS departure from U.S. GAAP for valuing property, plant, and equipment?

To determine

Examine the differences between valuing of property, plant, and equipment under IFRS and GAAP.

Explanation

International Financial Reporting Standards (IFRS): IFRS are a set of international accounting standards which are framed, approved, and published by International Accounting Standards Board (IASB) for the preparation and disclosure of international financial reports.

Generally Accepted Accounting Principles (GAAP): These are the guidelines necessary to create accounting principles for the implementation of financial information reporting in the Country U.

The following are the differences between valuing of property, plant, and equipment under IFRS and GAAP:

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