Property, plant, and equipment and finite-life intangible assets must be tested for impairment at least once a year.

Question

Quizplus · Accepted Answer

Property, plant, and equipment and finite-life intangible assets are tested for impairment when there is an indication that the asset might be impaired, not necessarily on an annual basis. Indefinite-life intangible assets, not finite-life, and goodwill are tested at least annually.

Property, Plant, and Equipment and Finite-Life Intangible Assets Must Be