Which use the term impairment to indicate that a receivable may not be collected?

Question

Quizplus · Accepted Answer

Both IFRS and GAAP use the term impairment to indicate that a receivable may not be collected. Impairment means that the value of the asset has decreased and there is doubt about the ability to collect the full amount of the receivable. Under both accounting standards, impairment losses must be recognized and recorded in the financial statements.

Which Use the Term Impairment to Indicate That a Receivable