Which of the following would not be determined to result in asset impairment under GASB Statement 42?

Question

Quizplus · Accepted Answer

The end of useful life of a truck is a normal occurrence and does not result in asset impairment. However, the other options listed could result in impairment of assets. A building damaged by a hurricane could require repair costs exceeding the value of the building, technology replacing equipment could render old equipment obsolete and no longer useful, and an expansion project halted due to outside factors could result in a loss of expected future revenue from that project.

Which of the Following Would Not Be Determined to Result