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121, Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of and a portion of APB Opinion no. ... CPAs need not check every asset an entity owns in each reporting period. When circumstances change indicating a carrying amount may not be recoverable, CPAs should test the asset for impairment.
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www.allbusiness.com/accounting-reporting/assets/125070-...
www.allbusiness.com/accounting-reporting/assets/125070-1.html
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guidance in measuring impairment losses for both noncurrent assets held for sale and noncurrent assets held for use. ... 121 concerning whether an allowance account should be utilized when recognizing asset impairment in the held for sale category of noncurrent assets, ... FASB Issues Final Interpretation on Accounting...
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www.allbusiness.com/accounting-reporting/assets/690655-...
www.allbusiness.com/accounting-reporting/assets/690655-1.html
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Provides guidance on the accounting for a long-lived asset if the criteria for classification as held for sale are met after the balance sheet date but before issuance of the financial statements. That guidance prohibits retroactive reclassification of the asset as held for sale at the balance sheet date.
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www.fasb.org/summary/stsum144.shtml
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Previous standards provided little guidance about how to determine and measure goodwill impairment; as a result, the accounting for goodwill impairments was not consistent and not comparable and yielded information of questionable usefulness.
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www.fasb.org/summary/stsum142.shtml
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Free article about 'Asset impairment and disposal: new accounting guidance for long-lived assets.' at AccessMyLibrary.com. Search information that libraries trust! ... Asset impairment and disposal: new accounting guidance for long-lived assets.
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www.accessmylibrary.com/coms2/summary_0286-25153898_ITM
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CPAs need not check every asset an entity owns in each reporting period. When circumstances change indicating a carrying amount may not be recoverable, CPAs should test the asset for impairment. A test may be called for when one or more of ... 7, Using Cash Flow Information and Present Value in Accounting Measurements,
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www.journalofaccountancy.com/Issues/2002/Mar/AssetImpai...
www.journalofaccountancy.com/Issues/2002/Mar/AssetImpairmentAndDisposal.htm
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However, sometimes the value of an asset can decline suddenly. Examples include a vehicle destroyed in an accident (a tangible asset) or losing a patent lawsuit (intangible asset). In such cases the asset is said to be impaired, and the accounting treatment depends on the type of asset and the accounting standards in use.
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financial-education.com/2007/05/28/asset-impairment-cha...
financial-education.com/2007/05/28/asset-impairment-charges/
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42, Accounting and Financial Reporting for Impairment of Capital Assets and for Insurance Recoveries, that requires governments to report the effects of capital asset impairment in their financial statements when it occurs.
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www.gasb.org/news/nr111803.html
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Norwalk, CT, December 16, 2002—The Governmental Accounting Standards Board (GASB) has published an Exposure Draft, Accounting and Financial Reporting for Impairment of Capital Assets and for Insurance Recoveries, ... Impairment would be measured using the method that best reflects the value-in-use for the capital asset.
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www.gasb.org/news/nr121602.html
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