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 module will describe the tips and techniques for determining whether an impairment loss risk exists, and how to calculate, record, and disclose any such loss.
Major Topics:
- Indicators of impairment
- Steps in 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
Learning Objectives
- Discover and describe typical assets subject to impairment, including finite and indefinite-lived assets.
- Identify and discuss indicators of impairment and recoverability testing for both tangible and intangible long-lived assets.
- Explore and explain goodwill accounting and auditing risks.
Included In Certifications
This course is included in the following Certification Programs:
13 CoursesAudit Training Certification - Level 4 - Supervisor/Manager
- Audit Quality Control - Avoiding Peer Review Deficiencies
- Internal Control Deficiencies and Other Matters - Adding Value Through Required Auditor Communications
- Auditing Impairment of Long-Lived Assets, Including Goodwill - Identifying and Calculating Impairment Losses
- Maximizing Analytic Procedure Evidence - Adding Value Through Useful Financial Statement Analysis
- Accounting Estimates, Including Fair Value - Evaluating the Propriety of Areas with Uncertainty
- Special Audit Considerations - Comprehending Requirements of Group Audits, Compliance Audits, Using the Work of a Specialist or Others, and More!
- The Art of Discipline and Getting Things Done - Applying Better Time, Team, and Project Management Techniques
- Management Skills - Exhibiting Traits of a Balanced Leader-Manager
- Personality Styles - Adapting to Different Types of Personalities for Improved Relationships and Interactions
- Making Rain - Improving Success with Retaining Clients and Attracting Prospects
- General Ethics for Business Professionals
- Accounting Update - Hot Topics for Preparing Current Period Financial Statements
- Auditing & Attest Update - Hot Topics for Current Period Audits and Other Attest Services
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Prerequisites
Prerequisite: Experience on complex audit engagements.
Designed For: Accountants responsible for auditing potential impairment of long-lived assets.
Education Provider Information
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