Which of the following disclosure requirements for long-term asset impairment apply to IFRS but not to U.S. GAAP?
A) the events and circumstances that led to the recognition of the impairment
B) whether the recoverable amount was fair value less costs to sell or value in use
C) the amount of any impairment loss if not separately disclosed in the income statement
D) the asset that was impaired

Question

Quizplus · Accepted Answer

Under IFRS, entities must disclose whether the recoverable amount of an impaired asset is based on fair value less costs to sell or value in use, which is not a requirement under U.S. GAAP.

Which of the Following Disclosure Requirements for Long-Term Asset Impairment