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