Under U.S. GAAP, impairment losses
A) can be reversed but only if the reversal is greater than the amount of the original impairment.
B) can be reversed but only if the reversal falls in a subsequent fiscal year of the company's operations.
C) cannot be reversed for assets to be held and used.
D) none of these answer choices are correct.

Question

Quizplus · Accepted Answer

According to U.S. GAAP, impairment losses for assets to be held and used cannot be reversed, meaning once an impairment loss is recognized for an asset that will continue to be used by the company, it cannot be reversed even if the asset's fair value increases in subsequent periods.

Under U.S. GAAP, Impairment Losses