Knowledge Check 01 Which of the following statements about the impairment of value of indefinite-life intangible assets are true? (Select all that apply.) Check All That Apply Under U.S. GAAP, indefinite-life intangible assets must be tested for impairment at least annually. Under IFRS, indefinite-life intangible assets must be continuously tested for impairment. Under IFRS, the impairment loss is measured as the difference between book value and fair value. Under IFRS, the reversal of an impairment loss is required if the circumstances that caused the impairment are resolved. Knowledge Check 01 Which of the following statements about the impairment of value of goodwill are true? (Select all that apply.) Check All That Apply Under U.S. GAAP, a goodwill impairment test must be performed for reporting units. Under IFRS, a goodwill impairment test must be performed for cash-generating units. Under U.S. GAAP, a company can choose first to provide only a qualitative assessment of the likelihood of goodwill impairment to determine if quantitative measurement is then necessary. Reversals of goodwill impairment losses are prohibited under U.S. GAAP but permitted under IFRS