Which of the Following Is Correct with Respect to When

question 32

Multiple Choice

Which of the following is correct with respect to when the impairment test must be performed?

• A)An annual test is required for long-lived assets under IFRS.
• B)An annual test is required for long-lived assets under ASPE.
• C)Under IFRS, a test is required for long-lived assets only when there are indications an asset may be impaired.
• D)Under ASPE, a test is required for long-lived assets only when there are indications an asset may be impaired.

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Definitions:

Pine Tar

A sticky material produced from the distillation of pine wood, used in various applications including medicinal and as a grip aid in baseball.

Cloudless Blue Skies

Cloudless blue skies describe weather conditions where the sky is completely clear of clouds, often associated with sunny and pleasant weather.

Pitcher's Mound

A raised area on a baseball field from where the pitcher throws the ball to the batter.

Wood Bats

Sporting equipment made of wood, typically used in baseball, characterized by its material which affects the game’s dynamics.