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Why is the characterization of U.S. GAAP, based on historical cost, not valid? Give examples.

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Why is the characterization of U.S. GAAP, based on historical cost, not valid? Give examples.

Answered Same Day Dec 21, 2021

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David answered on Dec 21 2021
131 Votes
Why is the characterization of U.S. GAAP, based on historical cost, not valid? Give examples.
Historical cost concept is not valid because of the following reasons:-
1. The concept fails to controversial resolve issues like inclusion or exclusion of off balance sheet
items. For example, a company may have million dollars...
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