
Generally Accepted Accounting Principles (US GAAP):
US GAAP is a set of accounting rule which a company should accept at time of preparation and presentation of it financial statements.
International Financial Reporting Standards (IFRS):
IFRS is a set of principle based international accounting guidelines published by IASB (International Accounting Standards Board) for the preparation of financial statements. It states how different transactions and financial events should be presented in financial statements. They are worldwide adopted standards which are easy to understand and compare.
a.
To prepare: Differences between US GAAP and IFRS in accounting for plant assets.
To prepare: Increase in the value of plant assets subsequent to their acquisition under IFRS and US GAAP.

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Chapter 10 Solutions
Fundamental Accounting Principles
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