Which of the following are true of impairment evaluation for indefinite-lived intangible assets? Multiple select question. Firms may first assess qualitative factors to determine whether a quantitative impairment test is necessary. U.S. GAAP allows a two-step impairment evaluation process. Firms may first assess quantitative factors to determine whether a qualitative impairment test is necessary. U.S. GAAP requires that all firms perform both qualitative and quantitative impairment tests