Impairment of Long Lived Assets, does this apply only to intangibles?

Answer 1

It applies to all long lived assets. These include land, buildings, equipment and also intangibles. The value of any asset can be impaired. For example, you paid $100,000 for 10 acres of land for the purpose of building an office building to house your headquarters. When you start construction by digging the foundation, you discover that the land had been used to dump toxic chemicals and cannot be used as you intend. Its value has become impaired by the discovery. Or a building you own is partly destroyed by an explosion in a laboratory, reducing the value of the building. A patent's value may be impaired when a court rules that part of it is in violation of another patent.