U.S.GAAP and IFRS distinguish three categories of long-lived assets for purposes of measuring and recognizing impairment losses.The first category addresses long-lived assets except intangible assets not subject to amortization and goodwill. This category does not include:
A)property, plant, and equipment.
B)patents.
C)franchise rights.
D)land.
E)brand names and trademarks.

Question

Quizplus · Accepted Answer

Brand names and trademarks are intangible assets not subject to amortization, which are excluded from the first category of long-lived assets for impairment purposes.

USGAAP and IFRS Distinguish Three Categories of Long-Lived Assets for Purposes