Explain this principle and how it compares to the standards used in the reporting of Long-Term Assets under International Financial Reporting Standards (IFRS).

US GAAP follows the Historical Cost Concept in valuing the cost of Long-Term Assets.

1. Explain this principle and how it compares to the standards used in the reporting of Long-Term Assets under International Financial Reporting Standards (IFRS).

2. If there is a convergence of standards, which method do you believe should be used and why?

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