Auditing Impairment of Long-Lived Assets

Overview

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. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

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

Designed For

Accountants responsible for auditing potential impairment of long-lived assets

Objectives

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

Preparation

None

Notice

This course is offered by a 3rd party vendor and will not be accessible in the My CPE Tracker section of the ISCPA website. Course access information will be emailed directly to you by CPA Crossings.