Hello,
A bit confused here. I know GAAP does not allow for reversal of impairment loss, but there is one exception for asset held for use. Is this correct?
"Under U.S. GAAP, once an impairment loss is recorded for assets held‐for‐use, it cannot be reversed. The value of these assets cannot be revised upward. However, for assets held for‐ sale, if the fair value of the asset increases subsequent to impairment recognition, the loss can be reversed and the asset’s value can be revised upward’. (source: WIley)