US GAAP generally does not allow upward revaluation after a company has recognized impairment of an asset,

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US GAAP generally does not allow upward revaluation after a company has recognized impairment of an asset, while IFRS allows upward revaluation of certain assets, up to the asset's original cost adjusted for depreciation.

Which accounting method is better? and Why?

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International Accounting

ISBN: 9.78E+12

3rd Edition

Authors: Timothy Doupnik, Hector Perera

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Posted Date: Apr 27, 2023 03:10 AM

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US GAAP generally does not allow upward revaluation after a company has recognized impairment of an asset,

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Generally in US GAAP upward revaluation is not allowed under any circumstance even if the market pri... View the full answer

International Accounting

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