Following U.S. GAAP, a firm recognizing an impairment loss must disclose both the asset or asset group impaired and the method used to estimate its fair value.

Name: Following U.S. GAAP, a firm recognizing an impairment loss must disclose both the asset or asset group impaired and the method used to estimate its fair value.
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Question

Quizplus · Accepted Answer

Under U.S. GAAP, firms are required to disclose the nature of the impaired asset or asset group and the method used to determine its fair value when recognizing an impairment loss.