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• W205187981 abstract "Is it relevant? Is it useful? When it comes to financial reporting, these are the major concerns of the accounting profession. With Financial Accounting Standards Board Statement no. 121, Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of standard setters adopted an innovative and cost-effective approach to reporting measurement, recognition and disclosure of impairment losses. The FASB approach meets users' information needs while giving management substantial flexibility to exercise judgment in determining and reporting impairment losses. This article traces the development of Statement no. 121, describes the controversial issues surrounding the recognition and measurement of impairment losses and focuses on the implementation requirements and issues that should concern CPAs in industry and their auditors. The article also provides insight into the evolution of accounting theory underlying the FASB's reasoning on significant issues and how public comments influenced its decisions on the recognition and measurement of impairment losses on long-lived assets. A BRIEF LESSON IN HISTORY The accounting profession has long had standards on the impairment of current assets, but only recently has the FASB turned its attention to long-lived assets. Statement no. 121 addresses impairment of long-lived tangible assets (generally land and depreciable assets such as plant and equipment), certain identifiable intangible assets and related goodwill. Previously, the practice for impairment of long-lived assets was diverse and no specific standard said when, how or how much. Before Statement no. 121, companies generally wrote down an asset when there was evidence of permanent impairment in the ability. to fully recover the asset's carrying amount. The inconsistencies in measuring and reporting impairment of long-lived assets and the lack of authoritative guidance reduced the relevance and comparabilit5, of financial statements. The result was the December 1990 FASB Discussion Memorandum, Accounting for e therefore, a loss must be recognized. The interesting aspect of this requirement is that the loss amount is not the difference between the carrying amount and the expected future undiscounted cash flows. Rather, it is the amount by which the asset's carrying amount exceeds its fair value. Statement no. 121 requires entities to apply a hierarchy to determine an impaired asset's fair value: 1. The asset's market value if an active market exists. 2. If no active market exists but such a market exists for similar assets, the selling prices in that market may help in estimating the fair value of the impaired assets. 3. If no market price is available, a forecast of expected cash flows may help estimate fair value, provided the cash flows are discounted at a rate that is commensurate with the risk involved. …" @default.
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• W205187981 title "Impaired Assets: Meeting Users' Information Needs" @default.
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