According to ASC 350, a “triggering event” occurs when there are indicators that the fair value of an entity (or a reporting unit) may be below its carrying amount[2]. ASC 360 gives guidelines on long-lived assets and how to test for impairment and disposition of such assets.

When an event is triggered?

A triggering event is a tangible or intangible barrier or occurrence which, once breached or met, causes another event to occur. Triggering events include job loss, retirement, or death, and are typical for many types of contracts.

What is a triggering event on your plot?

Begin your story on the day that something changes for your protagonist, or just after something has changed. News, life changes (births, deaths, weddings, a move, starting a new job) and dramatic moments (a funeral, a proposal, a car accident) are all “triggering events.” A mystery could begin with a murder or theft.