IFRS Allows Reversal of Impairment Losses When There Has Been

question 23

True/False

IFRS allows reversal of impairment losses when there has been a change in economic conditions or in the expected use of the asset. Under U.S GAAP, impairment losses cannot be reversed for assets to be held and used.

---

Definitions:

Exponentiation

The operation of raising one number (the base) to the power of another (the exponent), a fundamental mathematical operation.

System of Equations

A set of two or more equations that share two or more unknowns.

Coefficient

A numerical or constant factor before and multiplying the variable in an algebraic expression.

System of Equations

A set of two or more equations with the same variables, which are solved simultaneously to find their common solution.