Under USGAAP and IFRS Reporting Standards, Management Assesses the Firm's Assets

question 70

Multiple Choice

Under U.S.GAAP and IFRS reporting standards, management assesses the firm's assets for impairment at each reporting date by determining if impairment indicators are present.Impairment indicators include

• A)the decline in the market value of an asset significantly beyond what would be expected because of use or the passage of time.
• B)significant adverse changes in the entity's technological environment.
• C)significant adverse changes in the entity's economic environment.
• D)significant adverse changes in the entity's legal environment.
• E)all of the above

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Definitions:

Psycho-Emotional Development

The aspect of development that involves the growth of psychological and emotional capabilities and functioning.

Social Development

The process by which individuals acquire the values, behaviors, and social skills necessary for functioning effectively in society.

Decrease in Risk-Taking Behavior

denotes a reduction in engaging in actions that involve significant risks or dangers, often seen as a positive behavioral change.

Gang Membership

Affiliation or involvement with a group that often engages in criminal activities and operates with a certain level of organization and identity.