Final answer:
Under GASB rules, asset impairment occurs when an asset's value or future benefits are significantly reduced due to unexpected events. The option of the truck being at the end of its useful life would not be considered impairment, as this is the expected outcome of normal asset depreciation, not a sudden change in its ability to provide future benefit.
Step-by-step explanation:
The question relates to the accounting concept of asset impairment under the Governmental Accounting Standards Board (GASB) rules. To answer which event would not result in asset impairment, we need to consider whether the value or future benefits of the assets have been negatively altered. According to GASB standards:
- New technology making previous equipment obsolete would typically result in impairment because the equipment can no longer provide the expected future benefit.
- An expansion project at an airport being halted due to an airline discontinuing service could lead to impairment if the projected future cash flows from the asset are diminished.
- Damage by a hurricane would also generally be considered an impairment as it directly damages the asset, reducing its functionality and value.
- However, a truck being at the end of its useful life is not an impairment; rather, it's a normal course of depreciation and is expected over the asset's life span. The value and utility decline over time due to use and does not suddenly change due to an external event or change in circumstances.