Which of the following is not the major difference in accounting for intangible assets under IFRS and U.S.GAAP?
A)Under IFRS,intangible assets previously written down may be revalued upward if the annual impairment test indicates an increase in fair value.
B)Under U.S.GAAP,once written down due to lower impairment,intangible assets can be written up again.
C)All of the above
D)None of the above

Question

Quizplus · Accepted Answer

Under IFRS, intangible assets previously written down may be revalued upward if the annual impairment test indicates an increase in fair value, while under U.S. GAAP, once written down due to lower impairment, intangible assets cannot be written up again.

Which of the Following Is Not the Major Difference in Accounting