Long-lived assets with finite lives are generally tested for impairment annually under IFRS, while under ASPE; impairment testing is only performed when events or circumstances indicate that impairment(s) may have occurred.

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This statement is true. Under IFRS, long-lived assets with finite lives are tested for impairment annually, while under ASPE, impairment testing is only conducted when events or circumstances suggest that impairment(s) may have happened.

Long-Lived Assets with Finite Lives Are Generally Tested for Impairment