The revenue standards require entities to recognize an impairment loss on contract costs (that is, capitalized costs to acquire or fulfill a contract) when certain conditions are met.
Consistent with other US GAAP impairment guidance, ASC 340-40, Other Assets and Deferred Costs—Contracts with Customers, does not permit entities to reverse impairment losses recognized on contract costs.
Consistent with other IFRS impairment guidance, IFRS 15 requires impairment losses to be reversed in certain circumstances similar to the existing standard on impairment of assets.
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