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Us gaap follows the historical cost concept in the valuing

US GAAP follows the Historical Cost Concept in the valuing of long-Term Assets. Explain this principles and how it compares to the standards used in the reporting of Long-Term Assets under International Financial Reporting Standards (IFRS). If there is a convergence of standards, which method do you believe should be used and why?

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Cost Accounting: Us gaap follows the historical cost concept in the valuing

Reference No:- TGS0774068

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