Which of the following statements best describes when previously recognized goodwill impairment may be reversed?
A) Reversals are permitted under both ASPE and IFRS.
B) Reversals are permitted under ASPE but not IFRS.
C) Reversals are permitted under IFRS but not ASPE.
D) Reversals are not permitted under either IFRS or ASPE.

Question

Quizplus · Accepted Answer

Under both IFRS and ASPE, once goodwill impairment has been recognized, it cannot be reversed in subsequent periods.

Which of the Following Statements Best Describes When Previously Recognized