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As part of a major restructuring of business units, General Security (an industrial conglomerate operating solely in the U.S. and subject to U.S. GAAP) recognizes significant impairment losses. The Investor Relations group is preparing an informational packet for shareholders, employees, and the media. Which of the following statements is least accurate? A. The write-downs are reported as a component of income from continuing operations. B. During the year of the write-downs, retained earnings and deferred taxes will decrease. C. Write-downs taken on asset values can be reversed in later years if market conditions improve. |