Fundamentals of Advanced Accounting 5th Edition by Joe Ben Hoyle,Thomas Schaefer,Timothy Doupnik

Exercise 48

A vice president for operations at Poncho Platforms asks for your help on a financial reporting issue concerning goodwill. Two years ago, the company suffered a goodwill impairment loss for its Chip Integration reporting unit. Since that time, however, the Chip Integration unit has recovered nicely and its current cash flows (and projected cash flows) are at an all-time high. The vice president now asks whether the goodwill loss can be reversed given the reversal of fortunes for the Chip Integration reporting unit.
Is impairment of goodwill reversible under U.S. GAAP How about under IFRS (Refer to FASB Topic 350, "Intangibles-Goodwill and Other," and IAS 36, "Impairment of Assets.")