CFA Practice Question

CFA Practice Question

Upward revaluation of PP&E is:
A. not allowed in US GAAP, but allowed in IFRS.
B. not allowed in both US GAAP and IFRS.
C. not allowed in IFRS, but allowed in US GAAP.
Explanation: Just have to remember this stuff, go through the curriculum. If you are looking for some logic to help you remember, then U.S. GAAP is generally (not always) more strict than IFRS.

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