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When should a long-lived asset be tested for recoverability？
a. When the asset's fair value has decreased，and the decrease is judged to be permanent.
b. When events or changes in circumstances indicate that its carrying amount may not be recoverable.
c. When external financial statements are being prepared.
d. When the asset's carrying amount is less than its fair value.
Explanation
Choice “b” is correct. The carrying amount of fixed assets should be tested for recoverability at least annually or whenever events or changes in circumstances indicate the carrying amount may not be recoverable.
Choice “c” is incorrect. This choice leaves out the fact that events or changes in circumstances may dictate the carrying amount may not be recoverable.
Choice “d” is incorrect. This is not problematic.
Choice “a” is incorrect. Even if the fair value has decreased， it may still be above carrying value
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