All of the Following Statements Regarding Increases in the Value

question 81

Multiple Choice

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.

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Definitions:

Unchanging Stimulus

A constant and repetitive sensory input that does not vary over time.

Communicate

The act of sharing or exchanging information, ideas, or feelings through speech, writing, gestures, or other modes.

Adaptive Ways

Strategies or mechanisms that individuals use to adjust to new conditions or environments in a positive manner.

Activity Theory

Theory of aging that holds that to age successfully a person must remain as active as possible.