BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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MACHINERY
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PATENT
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RENEWABLE BROADCAST LICENSE
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COPYRIGHT
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Detailed explanation-1: -goodwill, indefinite life intangibles and intangible assets not yet available for use are tested for impairment at least annually, in addition to when there is any indication of impairment, and. all other assets are tested for impairment when there is any indication that the asset may be impaired.
Detailed explanation-2: -The recoverable amount of the following assets in the scope of IAS 36 must be assessed each year: intangible assets with indefinite useful lives; intangible assets not yet available for use; and goodwill acquired in a business combination.
Detailed explanation-3: -Asset accounts that are likely to become impaired are the company’s accounts receivable, goodwill, and fixed assets. Long-term assets, such as intangibles and fixed assets, are particularly at risk of impairment because the carrying value has a longer span of time to become impaired.