Question: When inventory loses value, it is considered impaired and its value must be reduced by the amount of the i _______ t. Under U.S. GAAP,
When inventory loses value, it is considered impaired and its value must be reduced by the amount of the i _______ t.
Under U.S. GAAP, any write-down of impaired or obsolete inventory cannot be reversed if an increase in value occurs. Under IFRS, impairment losses may be r ______ up to the amount of the original impairment loss.
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