Regarding impairment of intangible assets, which of the following statements is incorrect?
A) Impairment occurs when the fair value of an intangible asset is less than the book value.
B) Intangible assets are impaired when there has been a permanent decline in the value of the asset.
C) Intangible assets with an indefinite life are tested for impairment annually.
D) If any impairment occurs, the company records a loss in the period in which the intangible asset was acquired.
D) If any impairment occurs, the company records a loss in the period in which the intangible asset was acquired.
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What will be an ideal response?