Maple corp owns a building with an original cost of 1000000, Accounting Basics

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Maple corp owns a building with an original cost of 1000000

Valuation of Operating Assets

Maple Corp. owns a building with an original cost of $1,000,000 and accumulated depreciation at the balance sheet date of $200,000. Based on a recent appraisal, the fair value of the building is $850,000.

Required

1. At what amount will the building be reported on the year-end balance sheet if Maple follows U.S. GAAP?

2. Does Maple have a choice in the amount to report for the building if instead it follows IFRS? What are those choices?

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Accounting Basics: Maple corp owns a building with an original cost of 1000000

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Accounting Basics: Maple corp owns a building with an original cost of 1000000

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