--- title: Cheat Sheet for Testing Impairment of Nonfinancial Assets description: Our cheat sheet on impairment testing of nonfinancial assets (under ASC 350 and ASC 360) provides helpful information on impairment requirements! image: https://info.gaapdynamics.com/hubfs/Cheat%20Sheet%20for%20Testing%20Impairment%20of%20Nonfinancial%20Assets.png --- [Skip to content](https://info.gaapdynamics.com/cheat-sheet-for-testing-impairment-of-nonfinancial-assets#main-content) [![GD_Horiz_Medium_72_RGB](https://info.gaapdynamics.com/hubfs/GD_Horiz_Medium_72_RGB.png)](https://www.gaapdynamics.com) # Cheat Sheet for Testing Impairment of Nonfinancial Assets The requirements for testing the impairment of nonfinancial assets (long-lived assets under ASC 360, indefinite-lived intangible assets under ASC 350-30, and goodwill under ASC 350-20) are all different! This is why it’s so important to know what guidance governs the type of nonfinancial asset you’re testing and when testing is required, which is why we are providing this helpful cheat sheet which summarizes the various requirements for each type of nonfinancial asset. Additionally, the order of testing these various assets for impairment is important to ensure each asset is valued appropriately after consideration of impairment. When testing nonfinancial assets for impairment, a company must adhere to a specific hierarchy, which we’ve also provided as a helpful reminder in this cheat sheet. Download this helpful cheat sheet and carry it with you wherever you go for a reminder on the various testing requirements for each asset as well as the order to test! ![Cheat Sheet for Testing Impairment of Nonfinancial Assets](https://info.gaapdynamics.com/hubfs/Cheat%20Sheet%20for%20Testing%20Impairment%20of%20Nonfinancial%20Assets.png) [![footer-logo](https://info.gaapdynamics.com/hs-fs/hubfs/footer-logo.png?width=76&height=100&name=footer-logo.png "footer-logo")](https://www.nasbaregistry.org/) GAAP Dynamics is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: [www.nasbaregistry.org.](https://www.nasbaregistry.org/) - - - [![GD_Horiz_Small_72_REV](https://info.gaapdynamics.com/hs-fs/hubfs/GD_Horiz_Small_72_REV.png?width=100&height=40&name=GD_Horiz_Small_72_REV.png "GD_Horiz_Small_72_REV")](http://gaapdynamics.com/)    1 (804) 897-0608 [   support@GAAPDynamics.com](mailto:support@GAAPDynamics.com)     151 Le Gordon Drive, Suite 101         Midlothian, Virginia 23114 © 2026 GAAP Dynamics All Rights Reserved. [Terms & Conditions |](https://www.gaapdynamics.com/terms-and-conditions) [Privacy Policy](https://www.gaapdynamics.com/privacy-policy) [CPE Policies](https://www.gaapdynamics.com/cpe-administrative-policies/)