Final answer:
In financial reporting, Emma is likely using historical cost minus depreciation to report property values, a method accepted by GAAP and a construed adaptation of IASB standards that aligns with the principles of accounting. The correct answer is option a. and c.
Step-by-step explanation:
When Emma prepares the company's financial statements for the IRS each year, she would most commonly report property values using historical cost minus depreciation. This method is in accordance with generally accepted accounting principles (GAAP), which often align with the International Accounting Standards Board (IASB) standards. However, it is important to note that the IASB's equivalent, the International Financial Reporting Standards (IFRS), generally does not allow the use of historical cost for property, plant, and equipment; rather, it requires such assets to be carried at their recoverable amount, which could be current market value or revalued amount, if reliably measurable. Since this is a hypothetical scenario, we can assume that Emma is applying an interpreted version of IASB standards that allows for the use of historical cost for property valuations.