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Both IFRS and GAAP permit revaluation of property, plant, and
equipment.
IFRS permits revaluation of property, plant, and equipment but not
GAAP.
Both IFRS and GAAP do not permit revaluation of property, plant,
and equipment.
GAAP permits revaluation of property, plant, and equipment but not
IFRS.
24) Hilo Company has land that cost $350,000 but now has a fair
value of $500,000. Hilo Company decides to use the revaluation
method specified in IFRS to account for the land. Which of the
following statements is correct?
25) Under IFRS, value-in-use is defined as:
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ACC 304 Week 5 Midterm Part 1 (Set 1)
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