Under IFRS, when recording an impairment loss for a long-term operating asset, the firm eliminates the balance in the accumulated depreciation or accumulated amortization account, and then reduces the asset account.

Question

Quizplus · Accepted Answer

Under IFRS, when an impairment loss is recognized, the carrying amount of the asset is reduced directly or through the use of an allowance account, and any accumulated depreciation or amortization is eliminated.

Under IFRS, When Recording an Impairment Loss for a Long-Term