[vodrldnr]

With regard to impaired assets, the FASB standards provide for

Recognition of loss upon impairment Restoration of previously recognized impairment losses

answer Yes No

why answer is not YES YES

Fom what I know Regarding asset held for sale, its imairment can be revovered up to carrying amount

plz correct me ! help ! T.T

[Andyred04]

IF the impairment was deemed temporary for interim reporting you may recover the impairment to the extent of the impairment loss. However, once you recognize the impairment loss, the impairment amount IS THE NEW COST BASIS. This means you will be unable to recover any of the impairment loss under GAAP.

FAR: 80 (Gleim, Ninja Notes, Ninja MCQs)
REG: 87 (Gleim, Ninja Notes, Ninja MCQs)
BEC: 87 (Gleim, Ninja Notes, Ninja MCQs)
AUD: 8/27/16

PA Candidate

[vodrldnr]

Thank you so much. Andyred04

[Author]

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