IFRS permits revaluation of all intangible assets, whereas U.S. GAAP prohibits revaluation of intangible assets.

Question

Quizplus · Accepted Answer

Under U.S. GAAP, intangible assets are generally not allowed to be revalued, except for certain limited cases such as goodwill impairment testing. IFRS, on the other hand, permits revaluation of some intangible assets such as trademarks, patents, and copyrights. However, revaluation of intangible assets is not common practice under either standard.

IFRS Permits Revaluation of All Intangible Assets, Whereas U