Which of the Following Statements Regarding International Accounting Standards for the Impairment

Multiple Choice

Which of the following statements regarding international accounting standards for the impairment of tangible assets is correct?

A) Impairment losses cannot be subsequently reversed.
B) Impairment losses can be subsequently reversed to the extent of the amount of the initial impairment loss.
C) International accounting standards require a two-step test of impairment of a tangible asset.
D) Accounting for impairments is not necessary since entities are required under international accounting standards to adjust the values of property,plant,and equipment to fair value at the end of each reporting period for which reports are prepared.