If there is a material impairment loss or reversal in the period, which of the below statements related to required disclosures is true?
A. The entity is only required to disclose the amount of the loss or reversal
B. Reversals of previously recorded losses are not required to be disclosed or discussed discretely
C. The entity is required to disclose the amount of the loss or reversal, as well as a description of the events and circumstances that led to it
D. The entity is not required to provide a description of the asset or cash-generating unit
C. The entity is required to disclose the amount of the loss or reversal, as well as a description of the events and circumstances that led to it. According to the requirements for asset impairment under applicable accounting standards, when there is a material impairment loss or reversal in the period, the entity must provide transparent information about the reasons behind these changes in the financial statements. This includes details about the impaired asset or cash-generating unit, the reason for the impairment, and the amount of the impairment loss or reversal recognized during the reporting period.
