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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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How do IFRS differ from U.S. GAAP in regard to determining if an asset is impaired? What are the implications of this difference?

To determine

Explain the manner in which the IFRS would differs from the U.S. GAAP in regards with the impairment of assets, and explain its implications.

Explanation

Impairment loss of assets:

Impairment loss of assets arises when the carrying value of the assets recorded on the balance sheet of the company exceeds its fair market value.

Explain the manner in which the IFRS differs from the U.S. GAAP in regards with the impairment of assets, and explain its implications as follows:

A company should assess the indicators of the impairment under IFRS; on the other hand U.S. GAAP requires a review only when the events or changes indicate that the book value of property, plant and equipment may not be recoverable.

U.S...

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