Running head: INTERNATIONAL VERSUS U.S. STANDARDS1International versus U.S. StandardsProperty, Plant, and Equipment under U.S GAAP and other countries are reported differently. Under US GAAP, they reported at historical cost net of accumulated depreciation andthe assets will write down to fair value. However, the rules are different in Australia, Brazil, England, Mexico and Singapore. These countries permit the revaluation of property, plant and equipment to their current cost. In this paper, we will discuss the issue of the revaluation in historical cost of assets and revaluation in arriving at current cost. Moreover, the team also discuss about the qualitative concept of comparability, reliability, and relevance between U.S companies and other countries companies. ComparabilityQualitative characteristics of items such as property, plant and equipment allows for information contained in financial statements to be effectively and efficiently used by internal and external users. The qualitative characteristic of comparability allows for users to assess the similarities and differences between items. The financial information needs to be comparable when being analyzed between different periods and companies. It is important for users to be able to evaluate if a company’s performance and position has improved or deteriorated in comparison to previous periods or other companies. This includes the accounting standards and policies that are applied by GAAP and IFRS.