Impairment losses may be reversed under $\begin{array}{lll}
&\text { GAAP}&\text { IFRS }\
\text { I. } & \text { Yes } & \text { Yes } \
\text { II. } & \text { Yes } & \text { No } \
\text { III. } & \text { No } & \text { Yes } \
\text { IVI } & \text { No } & \text { No }
\end{array}$

A)I
B)II
C)III
D)IV

Question

Impairment losses may be reversed under $\begin{array}{lll}
&\text { GAAP}&\text {  IFRS }\ 
\text { I. } & \text { Yes } & \text { Yes } \
\text { II. } & \text { Yes } & \text { No } \
\text { III. } & \text { No } & \text { Yes } \
\text { IVI } & \text { No } & \text { No }
\end{array}$

A)I
B)II
C)III
D)IV

Quizplus · Accepted Answer

Under GAAP, impairment losses on long-lived assets held for use cannot be reversed, whereas IFRS allows the reversal of impairment losses if the recoverable amount of an asset increases after the impairment loss was recognized.

Impairment Losses May Be Reversed Under A)I B)II C)III D)IV

Impairment Losses May Be Reversed Under A)I
B)II
C)III
D)IV