Which of the following is a major difference between IFRS and GAAP regarding valuation of property, plant, and equipment?
A) IFRS allow valuation increases to be recorded in certain circumstances, but GAAP does not permit increases.
B) IFRS and GAAP differ greatly on recognition of gains and losses from nonmonetary exchanges.
C) IFRS require capitalization of all repairs and maintenance while GAAP does not.
D) IFRS allocate lump-sum purchase costs based on relative book values rather than relative market values.
A
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