Is an annual impairment test required for all long-term operating assets? Explain.

Is an annual impairment test required for all long-term operating assets? Explain. Yes. Tangible, long-term operating assets and finite-life intangibles are tested on an annual basis. These assets are only tested when evidence indicates that impairment is likely and to ensure that the assets are not overstated under U.S. GAAP. No. Tangible, long-term operating assets and finite-life intangibles are not tested on an annual basis. These assets are only tested when evidence indicates that impairment is unlikely under U.S. GAAP. Yes. Tangible, long-term operating assets and infinite-life intangibles are tested on an annual basis. These assets are only tested when evidence indicates that impairment is likely and to ensure that they are truly infinite-life intangibles under U.S. GAAP. No. An annual impairment test is only required for indefinite-life intangible assets under U.S. GAAP. This is because indefinite-life intangible assets are not subject to amortization and are more likely to be overstated on the balance sheet. In addition, indefinite-life intangible assets are typically of the type where the future economic benefit is more uncertain than a tangible plant asset or a finite-life intangible asset