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Answer: The balances of major classes of depreciable assets
**Explanation:** Under US GAAP, companies must disclose the depreciation expense for the period, the balances of major classes of depreciable assets, accumulated depreciation by major classes or in total, and a general description of the depreciation method(s) used. This makes option A correct. Option B is incorrect because the revaluation model is not permitted under US GAAP; it is only allowed under IFRS. Option C is incorrect because while IFRS requires a reconciliation of the carrying amount at the beginning and end of the period for each class of PP&E, US GAAP does not mandate this disclosure. Instead, US GAAP focuses on the disclosures mentioned in option A.
Author: LeetQuiz Editorial Team
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Which of the following financial statement disclosures concerning property, plant, and equipment (PP&E) is required under US GAAP?
A
The balances of major classes of depreciable assets
B
The date of revaluation under the revaluation model
C
A reconciliation of carrying amount at the beginning and end of the period
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