Regard to the valuation of noncurrent assets

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Reference no: EM131251004

Which of the following statements is incorrect when comparing GAAP to IFRS in regard to the valuation of noncurrent assets?

A. None of the other answers

B. The revaluation method of non-current assets uder IFRS can be applied to either individual asset categories or to entire asset classes.

C. Under IFRS the focus of non-current assets is on their fair value which can fluctuate at any point in time.

D. Non-current assets under U.S. GAAP are recorded at original cost in most circumstances (unless rare circumstances arise).

E. The revaluation of non-current assets by IFRS is required only once during the assets' useful life.

Reference no: EM131251004

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