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Business & Marketing
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US GAAP Research Paper

Essay Instructions:

Before responding, please review and use the journal article as a reference that I have attached to respond to the questions. 
Do not use non-academic online articles, such as Wikipedia, Forbes, Investopedia, newspapers, etc.
US GAAP follows the Historical Cost Concept in valuing the cost of Long-Term Assets. Explain this principle 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? 

Essay Sample Content Preview:

US GAAP
Student:
Institution:
The generally accepted accounting principles are usually used across the world in organizations in order to aid them in performing the accounting duties when transacting their businesses. In the United States, the GAAPS are used with the aid of methods like the historical concept that are used in the determination of the long term assets in the business. Long term assets comprises of buildings, machinery among other valuable goods in the business (Web, 2015). Moreover, assets are very important and as a result, it is important as an organization to use the best methods in checking the status of the assets in the business in question.
The historical method is basically based on the past costs of a good that was ...
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