Which of the following is not a concept supporting impairment testing?
A)An asset should be presented at its fair value.
B)An asset's carrying value should be recoverable from sale.
C)An asset's carrying value should be recoverable from use.
D)An asset should not be overstated.

Question

Quizplus · Accepted Answer

Fair value accounting is not a concept specifically related to impairment testing, as impairment testing focuses on the recoverability of an asset's carrying value, rather than its fair value. While fair value may be used as a reference point for impairment testing, it is not a requirement or concept specific to impairment testing.

Which of the Following Is Not a Concept Supporting Impairment