If a long-term plant asset is impaired,the owner is required to adjust the carrying value downward to its fair value.

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This statement is true according to generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS). When a long-term plant asset is impaired, the owner must recognize the impairment loss by adjusting the asset's carrying value downward to its fair value. This is done to ensure that the asset is reported at its true economic value and to prevent the overstatement of its value on the company's balance sheet.

If a Long-Term Plant Asset Is Impaired,the Owner Is Required