Which of the following disclosure requirement applies to IFRS but not to U.S.GAAP?
A)The events and circumstances that led to the recognition of the impairment.
B)Whether the recoverable amount was fair value less costs to sell or value in use.
C)The amount of any impairment loss if not separately disclosed in the income statement.
D)The asset that was impaired.

Question

Quizplus · Accepted Answer

IFRS requires disclosing whether the recoverable amount of an impaired asset was fair value less costs to sell or value in use, whereas U.S. GAAP only requires disclosing the amount of any impairment loss if not separately disclosed in the income statement.

Which of the Following Disclosure Requirement Applies to IFRS but Not