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- why are companies required to comply GAAP? (1)
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- Briefly describe how the accounting measurement rules (GAAP) in the United States determined. ? (1)
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- Rules of financial reporting (GAAP) require? (0)
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- Briefly describe the way that accounting measurement rules (GAAP) are determined in the US.? (1)
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Tagged as: assets, books, depreciated, fully, Gaap, required, rules, taken, would, wrote
{ 1 comment… read it below or add one }
Yes. Because unless they were artificially depreciated for accounting purposes, a fully depreciated asset has no salvage/monetary value and is, therefore, no longer an asset. Presenting them as such creates a false impression of a firm’s wealth.
Even if the depreciation of the asset was artificially accelerated, I don’t think it would be acceptable to allow the firm to benefit from accelerating that depreciation (for tax reduction purposes, generally) AND allow the depreciated “asset” to remain an asset (for wealth inflation purposes).