Auditing Impairment of Long-Lived Assets

Overview

Description:
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.

Learning 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
  
  

Program Content:

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

Who should attend: Accountants responsible for auditing potential impairment of long-lived assets

Developed By: Emergent Solutions Group LLC

Instructor: Jennifer F. Louis, CPA

CPE Credit: 2

Field of Study: Auditing (2 CPE)

Program Level: Basic

Prerequisites: None

Advanced Preparation: None

Format: QAS Self Study

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

Prerequisites

None

Designed For

Accountants responsible for auditing potential impairment of long-lived assets

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

Preparation

None