Explanation:
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.
Ultimate access to all questions.
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
No comments yet.