Multiple Choice (2 pts) 5. Which of the following statement(s) regarding intangibles and impairments is/are False? I. an impairment is a permanent decline in an asset's book value. II. after an impairment write-down, depreciation is generally lower in a subsequent periods. III. IFRS permits revaluation of all intangible assets, whereas U.S. GAAP prohibits revaluation of intangible assets. IV. impairments are generally recorded when the book value falls below the market value V. Under IFRS, costs in the development phase are capitalized as Development Costs once technological feasibility is achieved. a. I and III. b. II, III and IV c. III, IV and V. d. I, III, and IV e. None of the above