Daisy Corp. has identified circumstances that warrant impairment testing on an intangible asset. Information on this asset is provided below: Trademark  cost $3,200,000 Trademark  accumulated amortization 300,000 Fair value of trademark 2,300,000 Direct costs to dispose of the trademark (50,000) Value in use 2,600,000 Undiscounted future cash flows 2,750,000.

Required: 

a) Describe when impairment loss journal entries are required under IFRS and under ASPE. Prepare the journal entries, if required, under both standards. 

b) Discuss whether impairment losses can subsequently be reversed under IFRS and ASPE.