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Question(s) / Instruction(s):

All of the following statements regarding increases in the value of plant assets under U.S. GAAP and IFRS are True except:

a)            U.S. GAAP prohibits companies to record increases in the value of plant assets.

b)            IFRS permits upward asset revaluations.

c)            Under IFRS, a company can reverse an impairment and record that increase in income.

d)            Under U.S. GAAP, a company can reverse an impairment and can include it in comprehensive income.

e)            Under IFRS, an impairment increase beyond as asset's original cost can be recorded in comprehensive income.

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