Generally accepted accounting principles (GAAP) require the use of fair value accounting for all assets and liabilities.

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Tyler Rodeheaver · Accepted Answer

Final Answer : False, Explanation :  GAAP allows for the use of various accounting methods, including historical cost accounting and fair value accounting, depending on the nature of the asset or liability being measured. However, fair value accounting is required for certain financial instruments and for certain circumstances such as when an asset is impaired or when preparing financial statements for mergers and acquisitions.

Generally accepted accounting principles (GAAP) require the use of fair value accounting for all assets and liabilities.

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