Difference between gaap used in financial statements

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Difference between GAAP used in financial statements and government regulation.

Generally accepted accounting principles require that most assets be listed on the balance sheet at their historical cost (less any depreciation or amortization, of course). An alternative would be to list assets at their fair market value. Discuss the difference between GAAP being used in financial statements and government regulations being used in financial statements.

Reference no: EM1314814

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