How would this problem be solved under US GAAP and IAS what would be the differe

Question

How would this problem be solved under US GAAP and IAS what would be the difference?

12. On 31 March 20X5 DD Limited purchased a building which it intended to hold for capital appreciation for $1 million. On the purchase date it was unclear what the fair value of the building was. By 31 March 20x6, due to a boom in the property industry, the fair value of the building was estimated to be $15 million. Required: Calculate the carrying amount of the investment property on the 31 March 20X 5 and 20x6; assuming the following: The company's accounting policy is to carry investment property at fair value, and Buildings are depreciated over a useful life of 20 years

Explanation / Answer

As per IAS on 31st March 2015 Carring amount of building will cost of the building less depreciation & on march 2016 it carring amount will be $15 million that is the fair value

As per US GAPP carring amount of the building is the purchase cost less depreciation as under US GAPP no revaluation is allowed

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