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Which statement is true regarding the U.S. GAAP impairment test for limited life intangibles? ...

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Question

Accounting

  1. Which statement is true regarding the U.S. GAAP impairment test for limited life intangibles?

A.

 Even if the fair value of the intangible is less than its book value, it is possible that no impairment loss will be reported.

B.

Impairment loss always equals the difference between book and fair value of the intangibles, if book value exceeds fair value.

C.

No impairment testing is necessary if it is more likely than not that the intangibles are not impaired.

D.

The impairment loss is calculated as the difference between fair value and original cost.

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