Final answer:
An impaired asset cannot typically have its value restored to the original amount on the financial statements for assets held for use under U.S. GAAP, although market conditions could improve actual value. IFRS may provide some exceptions.
Step-by-step explanation:
The question of whether an impaired asset can be restored to its original value for an asset held for use is a matter that relates to the rules of accounting and asset management. In accounting, an asset is considered impaired when its carrying amount exceeds its recoverable amount. An impairment loss is recognized to bring it to its recoverable value. However, recovery of a previously recognized impairment loss is generally not permitted for assets held for use under U.S. Generally Accepted Accounting Principles (GAAP). There are, however, some exceptions under International Financial Reporting Standards (IFRS).
An impaired asset held for use, like real estate or equipment, might not be able to regain its value on the books, but other factors like market conditions or business performance can change - potentially increasing the asset's market value. Still, accounting rules often keep the reduced value on the financial statements, except for certain assets like inventory, for which the markets can fluctuate more regularly.