Which of the following is/are not true regarding the fair value of long-lived assets?
a. U.S. GAAP does not permit firms to increase the balance sheet carrying values of tangible and intangible long-lived assets when the fair values of their assets increase.
b. IFRS permits upward asset revaluations, the recognition of unrealized increases in the fair value of tangible and intangible long-lived assets under certain conditions.
c. IFRS requires that firms credit the increase in the tangible and intangible revalued asset's balance sheet carrying value to net income.
d. U.S. GAAP firms recognize the increase in the fair value of the tangible and intangible asset only as the firm realizes the value increase through either sale or continuing use.
e. all of the above
C
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