Long-lived assets may be either finite or indefinite-lived, tangible or intangible in nature. The carrying value of these long-lived assets should be evaluated at each measurement date to determine whether there is an impairment loss necessary due to declines in an asset's fair value.
DESIGNED FOR
Accountants responsible for auditing potential impairment of long-lived assets
BENEFITS
After attending this presentation you will be able to...
- Describe typical assets subject to impairment, including finite and indefinite-lived assets
- Discuss indicators of impairment and recoverability testing for both tangible and intangible long-lived assets
- Explain goodwill accounting and auditing risks
HIGHLIGHTS
The major topics covered in this class include:
- Indicators of impairment
- Steps to recoverability testing for long-lived assets held and used
- Grouping assets held and used
- Allocating impairment loss and disclosures
- Testing indefinite-lived intangibles for impairment, including goodwill
- Valuation techniques for determining a reporting unit's fair value
PREREQUISITES
None
ADVANCE PREPARATION
None