Which of the following is not true?
a. Under U.S. GAAP, firms must test property, plant, and equipment for possible asset impairment when conditions indicate that a significant decrease in fair value has occurred.
b. Under U.S. GAAP, firms initially compare the undiscounted cash flows expected from the asset to the asset's carrying value.
c. Under U.S. GAAP, a fixed asset impairment occurs when the asset's carrying value exceeds the undiscounted cash flows.
d. Under U.S. GAAP, the amount of the recognized impairment loss is the excess of the carrying value over the fair value of the asset.
e. Under U.S. GAAP, firms recognize an impairment loss when the carrying value of a fixed asset exceeds its recoverable amount, the higher of (1) the fair value less cost to sell, and (2) value in use.
E
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