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Identifiable intangible assets with a fair value of $90 million and a 6-year life were recognized...

Identifiable intangible assets with a fair value of $90 million and a 6-year life were recognized in an acquisition occurring at the beginning of 2018. The intangible assets were not impaired in 2018 or 2019. It is now the end of 2020, three years since acquisition. Impairment testing reveals that total expected undiscounted future cash inflows for the intangible assets are $42, and total expected discounted future cash inflows are $30.

What is the impairment loss for the intangible assets for fiscal 2020, following U.S. GAAP?

A.

$60 million
B.

None
C.

$3 million
D.

$15 million
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Answer is highlighted in yellow: As per US GAAP: Solution: B. None Answer: Explanation: As per US GAAP, if expected undiscoun

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