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

question 90

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 do not 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)significant adverse changes in the entity's Chief Executive Officer's health.

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Definitions:

Psychological Injury

Harm to a person's mental or emotional wellbeing that may result from events such as negligence, abuse, or trauma.

Americans with Disabilities Act

A civil rights law that prohibits discrimination against individuals with disabilities in all areas of public life, including jobs, schools, transportation, and all public and private places open to the general public.

Mental Impairment

A condition that affects a person’s cognitive functions, potentially impacting their ability to make decisions or understand information.

Major Life Activities

Fundamental activities that the average person can perform with little or no difficulty, often used in legal contexts regarding disabilities.