Do U.S. GAAP and IFRS differ in how they account for other-than-temporary impairments? Explain.

Question:

Do U.S. and IFRS differ in how they account for other-than-temporary impairments? Explain.

GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...