Private entity GAAP requires that assets must be assessed for indications of impairment

Question

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Private entity GAAP requires that assets must be assessed for indications of impairment when events and circumstances indicate that asset's carrying amount may not be recoverable. This means that it is not required to do it at the end of each reporting period or every quarter. Changing the method of depreciation also does not trigger an assessment for impairment.

Private Entity GAAP Requires That Assets Must Be Assessed for Indications