Published: September, 2022
Impairment of Assets seeks to ensure that an entity's assets are not carried at more than their recoverable amount (i.e. the higher fair value fewer costs of disposal and value in use).
Except for goodwill and certain intangible assets for which an annual impairment test is required, entities are required to conduct impairment tests where there is an indication of impairment of an asset, and the test may be conducted for a 'cash-generating unit' where an asset does not generate cash inflows that are largely independent of those from other assets.
Long-lived assets may be finite or indefinite-lived, tangible or intangible. 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.
Major topics covered in this CPE Auditing webinar are:
This CPE webinar will describe the tips and techniques for determining whether an impairment loss risk exists, and how to calculate, record, and disclose any such loss.
Here is the link to your interests: CPE Courses for Certified Internal Auditors
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Jennifer F. Louis, CPA has over 25 years of experience in designing and instructing high-quality training programs in a wide variety of technical and “soft skills” topics needed for professional and organization success. In 2003, she founded Emergent Solutions Group, LLC, where she focuses her energy on designing and delivering high-quality, practical, and engaging accounting and auditing training. She was most recently Director of Audit Product Development at Surgent Professional Education, and prior to that served as Executive Vice President/Director of Training Services at AuditWatch, Inc., a highly-respected training and audit process consulting firm. Before joining AuditWatch, Jennifer was the Financial/Operational Audit Manager at AARP. At the start of her professional career, Jennifer was an Audit Manager for Deloitte & Touche LLP, where she frequently served as a local and national instructor. Jennifer graduated summa cum laude from Marymount University with a BBA-Accounting. Besides loving life on the lake with her husband in Charlotte, NC, she enjoys hiking with her little dog Frodo Beggins, and savoring any precious moments spent with her two young adult boys.
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