Many companies have experienced significant declines in operational activities and/or additional operational costs because of the COVID-19 pandemic. Some of the declines may be temporary while others reflect longer lasting or even permanent shift in the business or industries in which these companies operate. Management should assess the existing and anticipated effects of COVID-19 on the company's activities. In this post, describe what challenges management faces associated with the valuation of definite- and indefinite-lived assets for financial reporting under U.S. GAAP.