Accounting for impairments for limited-life intangible assets follows the same rules used to account for impairments of plant and equipment.

Question

Quizplus · Accepted Answer

Limited-life intangible assets are considered to have a finite useful life and are subject to impairment testing just like plant and equipment. The impairment accounting rules for both types of assets are the same, as outlined in the accounting standards.

Accounting for Impairments for Limited-Life Intangible Assets Follows the Same