impairment of assets

• Impairment of long-lived assets: an emerging and critical issue.

Accounting for impairments of long-lived assets is difficult since several conditions must be met to avoid inconsistencies. The Financial Accounting Standards Board has issued an Exposure Draft (ED) entitled 'Accounting for the Impairment of Long-Lived Assets,' aimed at eliminating such inconsistencies. However, the ED is still subject for review since several considerations such as the market value of assets and legal factors affecting the assets' value still need thorough evaluation.

• The National Public Accountant
• Vol. 39 Nbr. 12, December 1994

• 48 CFR 31.205-16 - Gains and losses on disposition or impairment of depreciable property or other capital assets.

• Code of Federal Regulations - Title 48: Federal Acquisition Regulations System

• WNS Reports Second Quarter Net Loss of $10.5 million; Net Income (Excluding Share-Based Compensation and Related Fringe Benefit Taxes, Amortization and Impairment of Goodwill and Intangible Assets) of $8.0 million.

Revenue Increases 33.5% and Revenue Less Repair Payments Increases 35.4%, Over Corresponding Quarter in the Prior Fiscal Year WNS Reiterates Guidanc...

• Business Wire
• November 14, 2007

• Proposals on the impairment of financial assets.

The International Accounting Standards Board published for public comment an exposure draft on the amortized cost measurement and impairment of financ...

• California CPA
• Vol. 78 Nbr. 6, December 2009

• GASB publishes Statement no. 42, Accounting and Financial Reporting for Impairment of Capital Assets and for Insurance Recoveries, which requires governments to report in their financial statements the effects of capital asset impairment when it occurs.

* GASB publishes Statement no. 42, Accounting and Financial Reporting for Impairment of Capital Assets and for Insurance Recoveries, which requires go...

• Journal of Accountancy
• Vol. 197 Nbr. 2, February 2004

• ConocoPhillips Reports Fourth Quarter Net Operating Income of $747 Million; Company Recognizes Impairment for Marketing Assets to be Sold.

Business Editors & Energy Writers HOUSTON--(BUSINESS WIRE)--Jan. 29, 2003 ConocoPhillips (NYSE:COP): Earnings at a glance ----------------------...

• Business Wire
• January 29, 2003

• First Motors Corporation: A Classroom Case On Impairments

This case requires a detailed analysis of impairments of both long-lived assets and goodwill for First Motors Corporation, a fictitious automobile company. By integrating multiple issues into this case, students are presented with some of the complexities and interrelationships that are seen in practice. To properly prepare solutions to this case, students must successfully read, interpret, and apply both accounting standards and concept statements. The use of judgment in choosing a discount rate for present value computations is an important component of this case. In fact, an earnings management issue and resulting conflict between First Motors Management and the company's auditor revolves around the discount rate choice. Additionally, the suggested questions provided with the case re...

• Global Perspectives on Accounting Education
• Nbr. 5, January 2008

• Proxim, Inc. Reports Final Second Quarter 2001 Results; Final Results Include $10.4 Million Charge for Impairment of Goodwill and Intangible Assets.

Business Editors/High-Tech Writers SUNNYVALE, Calif.--(BUSINESS WIRE)--July 30, 2001 Proxim, Inc. (Nasdaq:PROX) announced today final financial re...

• Business Wire
• July 30, 2001

• Federal Acquisition Regulation (FAR): Gains and losses on disposition or impairment of depreciable property or other capital assets,

• FR, May 21, 2004
• Proposed rules
• National Aeronautics and Space Administration

• Spectra-Physics Announces Impairment of Telecom Assets.

Business Editors/High-Tech Writers MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Dec. 5, 2001 Spectra-Physics, Inc. (Nasdaq:SPLI), a majority-owned subs...

• Business Wire
• December 05, 2001