Which of the following is not a difference between U.S. GAAP and IFRS treatment of impaired assets?Multiple ChoiceThe use of discounted cash flow.Due to differences, U.S. GAAP may trigger an impairment loss that would not be triggered by IFRS.The right to reverse prior impairment losses when there is a change in the estimates used to measure the loss.In determining the valuation, costs to sell are deducted from fair value.

U.S. GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Which of the following is not a difference between U.S. GAAP and IFRS treatment of impaired assets?

Multiple Choice

The use of discounted cash flow.
Due to differences, U.S. GAAP may trigger an impairment loss that would not be triggered by IFRS.
The right to reverse prior impairment losses when there is a change in the estimates used to measure the loss.
In determining the valuation, costs to sell are deducted from fair value.

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