Which of the following statements concerning the impairment, Ask an Expert

Accounting

Which of the following statements concerning the impairment of fixed assets is true under US GAAP?

1. Impairment losses are shown on the income statement net of tax.

2. The test for recoverability compares the present value of all expected future cash flows produced by the fixed asset to its carrying value.

3. To determine the amount of any impairment loss, fair value must be used.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9275917

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