Which of the following is correct with respect to the "reversal of impairment loss"?
A)It is defined as the carrying amount less recoverable amount under IFRS.
B)It is defined as the carrying amount less fair value under ASPE.
C)It is possible under IFRS if the recoverable amount subsequently rises.
D)It is possible under ASPE if the recoverable amount subsequently rises.

Question

Quizplus · Accepted Answer

Under IFRS, if the recoverable amount of an asset increases after an impairment loss has been recognized, the impairment loss can be reversed, reflecting an increase in the estimated service potential of the asset.

Which of the Following Is Correct with Respect to the "Reversal