Surgent's Auditing Impairment of Long-Lived Assets (Audit Skills Tr Lev5)

 

   

 

 
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Overview

3.0 Credits

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.

Objectives

  • Describe typical assets subject to impairment, including finite and indefinite lived assets
  • Discuss indicators of impairment and recoverability testing
  • Explain goodwill accounting and auditing risks

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 comparing fair value to goodwill
  • Accounting standard changes on the horizon

Designed For

Accountants responsible for auditing potential impairment of long-lived assets

Prerequisite

Experience on complex audit engagements
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