IFRS allows reversal of impairment losses when there has been a change in economic conditions or in the expected use of the asset. Under U.S GAAP, impairment losses cannot be reversed for assets to be held and used.

Question

Quizplus · Accepted Answer

This statement is true. Under IFRS, impairment losses can be reversed if there has been a change in economic conditions or in the expected use of the asset. However, under U.S GAAP, impairment losses cannot be reversed for assets to be held and used.

IFRS Allows Reversal of Impairment Losses When There Has Been