All of the following statements regarding increases in the value of plant assets under U.S.GAAP and IFRS are true except:
A)U.S.GAAP prohibits companies to record increases in the value of plant assets.
B)IFRS permits upward asset revaluations.
C)Under IFRS, a company can reverse an impairment and record that increase in income.
D)Under U.S.GAAP, a company can reverse an impairment and can include it in comprehensive income.
E)Under IFRS, an impairment increase beyond as asset's original cost can be recorded in comprehensive income.

Question

Quizplus · Accepted Answer

Under U.S. GAAP, impairment losses cannot be reversed, so a company cannot reverse an impairment and include it in comprehensive income.

All of the Following Statements Regarding Increases in the Value