Long-lived assets held for sale - loss permitted to be reversed under IFRS and US GAAP?

CFA Level I FRA
#1

Hi all,

Quick question…

Am I correct in assuming that if an asset (held for use) is impaired - loss recoveries are not permitted under US GAAP

BUT

If an asset is held for sale and becomes impaired - loss recoveries are permitted under US GAAP?

Many thanks :slight_smile:

#2

bump

#3

Yes, that’s correct.