Knowledge Check 01 Which of the following statements are true regarding potential impairment of intangible assets with indefinite lives? (Select all that apply.)
Knowledge Check 01 Which of the following statements are true regarding potential impairment of intangible assets with indefinite lives? (Select all that apply.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Knowledge Check 01
Which of the following statements are true regarding potential impairment of intangible
assets with indefinite lives? (Select all that apply.)
Check All That Apply
A qualitative assessment must be undertaken at least annually.
This type of asset should be tested for impairment whenever events
or changes in circumstances indicate that it is more likely than not
that the asset is impaired.
If book value exceeds fair value, an impairment loss is recognized
for the difference.
Recovery of impairment losses are permitted for this type of asset.
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