An impairment loss can only occur in long-lived assets with a finite life.

Name: An impairment loss can only occur in long-lived assets with a finite life.
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Question

Quizplus · Accepted Answer

Impairment losses can occur in both long-lived assets with a finite life and those with an indefinite life, as well as in intangible assets. The key factor is whether the asset's carrying amount exceeds its recoverable amount, not the nature of its useful life.

An Impairment Loss Can Only Occur in Long-Lived Assets with a Finite