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Although generally accepted accounting principles do not require the presentation of replacement cost information in financial statements, certain companies are required by Regulation S-X of the Securities and Exchange Commission (the Commission) to include specified replacement cost information in a note or a separate section of audited financial statements filed with the Commission. Companies supplying such information are to disclose the methods used in determining the amounts and are to furnish any additional information necessary, in the opinion of management, to prevent the information from being misleading.
Auditing -- Standards -- United States; Replacement of industrial equipment -- Auditing
Accounting | Taxation
American Institute of Certified Public Accountants. Auditing Standards Executive Committee, "Unaudited replacement cost information; Statement on auditing standards, 018" (1977). Statements on Auditing Standards. 15.