Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of--FAS 121
- When should a company review its assets for possible impairment?
- If there is an indication that the carrying amount of an asset may not be recoverable, what should be done?
- What condition requires the recognition of an impairment loss?
- What is fair value and what role does it play in determining whether or not an impairment loss has occurred?
- If an asset held for use is written down due to the recognition of an impairment loss, and the asset's fair value later recovers, can some or all of the impairment loss be restored?
- How should impairment losses be classified and reported?
- If an asset held for sale is written down due to the recognition of an impairment loss, and the asset's fair value later recovers, can some or all of the impairment loss be restored?
Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of--FAS No. 144Assets Held for use:
Assets Held for Sale:
- What is impairment and when should a company test for it?
- How is recoverability determined?
- How much of a previously recognized impairment loss may be restored?
- How should an impairment loss be reported/disclosed?
- How does an impairment loss affect future depreciation of an asset?
- What criteria must be met in order to classify a long-lived asset as held for sale?
- How should a long-lived asset held for sale be measured?
- What is included in "cost to sell?"
- How do expected future losses from operations of an asset held for sale impact the valuation of that asset?
- How much of a previously recognized impairment loss on assets held for sale may be restored?
- How should impairment gains and losses recognized for held for sale asset be reported?
- Where should the results of operations of a component of anentity classified as held for sale be reported?