Which of the following is not a required disclosure requirement under both U.S.GAAP and IFRS?
A)The events and circumstances that led to the recognition of the impairment.
B)The method used to estimate the fair value of the asset.
C)The amount of any impairment loss reversal if not separately disclosed in the income statement.
D)The asset that was impaired.

Question

Quizplus · Accepted Answer

Both U.S. GAAP and IFRS require disclosure of the events and circumstances that led to the recognition of the impairment, the method used to estimate the fair value of the asset, and the asset that was impaired. However, the amount of any impairment loss reversal does not need to be separately disclosed in the income statement under both U.S. GAAP and IFRS.

Which of the Following Is Not a Required Disclosure Requirement