Which type of assets does FASB ASC 360 relate to regarding impairment?

FASB ASC 360 primarily focuses on the impairment of long-lived assets, specifically addressing finite lived intangible assets among others, and dictates how to test these assets for impairment and measure potential losses. When dealing with finite lived intangible assets, it's important to assess their carrying amount against the sum of the expected future cash flows they are expected to generate.

This standard does not extend to indefinite lived intangible assets or goodwill, which are covered under other sections of the FASB standards. Indefinite lived intangible assets, such as certain trademarks, and goodwill are evaluated under different criteria for impairment, as they are subjected to annual testing rather than the systematic approach applied to finite lived assets.

By concentrating on finite lived intangible assets, FASB ASC 360 provides guidance on recognizing impairment losses, thus ensuring that these assets are accurately valued on the balance sheet, reflecting their current economic situation. This specific focus differentiates it from the rules applied to other types of assets.