IFRS and Intangibles

Question 1

Under IFRS, if an intangible asset is written down and the FV is recovered, can it be revalued?

Answer 1

Under IFRS, an intangible can be revalued if an active an active market. Active markets are rare.

Question 2

Under GAAP, an impairment loss cannot be permitted, however under IFRS can you reverse an impairment loss?

Answer 2

Yes

Question 3

Goodwill under US GAAP is reported at the reporting unit level, under IFRS goodwill is reported at:

Answer 3

Cash generating level. IFRS can choose to report the portion of goodwill that they own or the full 100%.

Question 4

Under US GAAP and IFRS, they both do not allow the reversal of goodwill impairment?

Answer 4

Yes, both do not allow the reversal of goodwill impairment.