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The main difference between U.S. accounting standards and international accounting standards when accounting for plant, property and equipment is a. international accounting standards require the use of current fair value with changes recognized in equity only. b. U.S. accounting standards do not allow the write-down of assets due to impairment. c. international accounting standards allow plant, property and equipment to be stated at current fair value with changes recognized in income or equity. d. U.S. accounting standards

The main difference between U.S. accounting standards and international accounting standards when accounting for plant, property and equipment is a. international accounting standards require the use of current fair value with changes recognized in equity only. b. U.S. accounting standards do not allow the write-down of assets due to impairment. c. international accounting standards allow plant, property and equipment to be stated at current fair value with changes recognized in income or equity. d. U.S. accounting standards

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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  1. The main difference between U.S. accounting standards and international accounting standards when accounting for plant, property and equipment is

a.

international accounting standards require the use of current fair value with changes recognized in equity only.

b.

U.S. accounting standards do not allow the write-down of assets due to impairment.

c.

international accounting standards allow plant, property and equipment to be stated at current fair value with changes recognized in income or equity.

d.

U.S. accounting standards allow plant, property and equipment to be stated at current fair value with changes recognized in income or equity.
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