FAR04 International Financial Reporting Standards (IFRS)

True/False: Impairment losses are not reversed in U.S. GAAP.

In U.S. GAAP impairment is a function of fair value and carrying value. What occurs in IFRS?

Is U.S GAAP a two step impairment approach?

In U.S GAAP there is no requirement to account for separate components of an asset. What occurs in IFRS?