Reference no: EM132461771
At the end of its reporting year (December 31, 2017), Acme Inc. reports a $60,000 patent with estimated remaining useful life of 10 years. Before closing its books, the company identifies a $20,000 impairment in the patent. For IFRS, Acme Inc. does not revalue its intangible assets.
Question a. How will the impairment loss be recorded using US GAAP and for IFRS?
Question b. Assume that at the end of 2018, Acme Inc. determines the company has recovered $12,000 of the patent impairment. How will this be recorded using US GAAP and IFRS?
Question c. Assume instead that at the end of 2018, Acme Inc. determines the company has recovered $18,000 of the patent impairment. How will this be recorded using US GAAP and IFRS?
Question d. Assume instead that at the end of 2018, Acme Inc. determines the company has recovered $20,000 of the patent impairment. How will this be recorded using US GAAP and IFRS?
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