Auditing Impairment of Long-Lived Assets

Overview

This course will be available for 90 days from your date of purchase.

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. This course describes the tips and techniques for determining whether an impairment loss risk exists, and how to calculate, record, and disclose any such loss.

Prerequisites

None

Objectives

• 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

• 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