AICPA每日一练之FAR【2016-4-5】

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Which of the following conditions must exist in order for an impairment loss to be recognized under U.S. GAAP?

I. The carrying amount of the long-lived asset is less than its fair value.

II. The carrying amount of the long-lived asset is not recoverable.

a. Neither I nor II.

b. Both I and II.

c. I only.

d. II only.

Answer:D

Choice "d" is correct. A long-lived asset is impaired if the carrying amount of the asset is greater than, not less than, its fair value and if that carrying amount is not recoverable (the fair value would be recoverable, but the difference would not be). An impairment loss would then be recognized for the amount of the difference between book value and fair value.

Choices "c", "b", and "a" are incorrect per the above explanation.

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