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1 page/β‰ˆ275 words
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Style:
APA
Subject:
Accounting, Finance, SPSS
Type:
Coursework
Language:
English (U.S.)
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Date:
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Topic:

Analyzing Long-Term Assets for Decision Making

Coursework Instructions:

As indicated in the reading, U.S. GAAP requires the use of historical cost for valuing most assets while IFRS permits the use of fair value. Using the first letter of your last name, answer the question below for which the letter of your name falls in the range. Use your own words to summarize the information from the textbook. Provide proper citations for resources used, including the textbook.
A – M: Assume you are in support of the historical cost basis as required by GAAP. Discuss why you think the historical cost approach best values the long-term assets on the balance sheet. In addition, provide an example to support your position.
N – Z: Assume you are in support of the fair value basis as recommended by IFRS. Discuss why you think the fair value approach best values the long-term assets on the balance sheet. In addition, provide an example to support your position. Cite and reference required my last name is Allen

Coursework Sample Content Preview:

Analyzing Long-Term Assets for Decision Making
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Analyzing Long-Term Assets for Decision Making
The historical or acquisition costs is the default and dominant option used to assign value to a certain class of assets. The value is assessed as a cash or cash equivalent price of the asset on the date that it was purchased (Young & Cohen, 2013). The main advantage of utilizing this approach on the balance sheet in property, plant, or equipment valuation is that it is easy to verify the historical cost. Normally, equipment costs at the time of purchase are documented in receipts, invoices, transfer taxes, and so on. Accessing such information and using it to determine the value of the asset is much easier compared to other approaches.
This approach is used in determining the amount...
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