Accounting for asset impairments and intangibles can be a minefield even for the seasoned professional. Accountants and auditors need a clear understanding of how to determine whether assets have become impaired and, if so, by how much. This self-study webinar will enable you to:
- Understand the latest financial accounting issues surrounding intangibles and asset impairments
- Deal with practical issues in determining fair values and using cash flows for impairment evaluation
- Evaluate and follow the requirements for goodwill impairment testing
- Follow new and proposed guidance from FASB
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Identify COVID-19 issues
To provide accountants with a comprehensive knowledge of accounting principles concerning impairments of assets, intangibles, capitalization and goodwill. You’ll learn the latest thinking regarding capitalizable assets, impairment, depreciation and amortization, deferred taxes and special issues associated with intangibles.
- Testing impairment of goodwill, and other intangibles with an indefinite life, including recent guidance
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Intangible assets
– Separating goodwill from other intangibles
– Intangibles with an indefinite life
– Determining fair value - Impairment triggers and calculations
- Capitalization, depreciation and amortization
- Discontinued operations and Assets Held for Sale
- Deferred taxes associated with depreciation and impairment
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Related issues
– Leases
– Asset retirement obligations and FASB Concepts Statement 7
– Nonmonetary transactions
– Going concern and liquidation basis
– Impact of FASB guidance on consolidations and intangibles - Use of materiality and "more likely than not"
- FASB Simplification Initiative
- New and proposed FASB guidance
- The impact of COVID-19
• Identify the characteristics of the FASB’s simplification initiative
• Recognize the characteristics of the FASB’s codification improvements
• Recognize regulatory bodies’ COVID-19 concessions to the profession to date
• Recognize FASB staff guidance regarding rent concessions due to COVID-19 circumstances
• Identify the probability factor associated with the more-likely-than-not assessment
• Identify the timing of the recording of asset retirement obligations
• Identify the methodology for recording an asset retirement obligation
• Recognize the accounting for the accretion of an asset retirement obligation
• Identify the interest rate to be used in the expected present value measurement technique
• Identify the characteristics of intangibles in contrast to physical and financial assets
• Identify the financial statement implications of the expensing of intangibles
• Recognize the characteristics of the marketplace in which an asset is to be valued
• Recognize the frequency with which goodwill is recognized in the acquisition method of accounting
• Identify the basis upon which assets are measured in a business combination
• Recognize the treatment of goodwill prior to and following FAS 142
• Recognize the accounting treatment of specified internally developed intangible assets
• Identify the unit of account for goodwill impairment testing purposes
• Identify the characteristics of a reporting unit
• Recognize the acceptable methodology for assigning goodwill to a reporting unit
• Recognize the frequency for which goodwill is tested for impairment
• Recognize triggers to goodwill impairment testing
• Identify the consequences to goodwill impairment testing under ASU 2017-04
• Identify the consequences to goodwill impairment testing under ASU 2019-06
• Recognize the characteristics of impairment disclosures
• Identify the criterion for classifying a long-lived asset to be considered held for sale
• Identify the ramifications of ASU 2014-08 on the volume of disposals qualifying as discontinued operations
• Recognize the characteristics of the proposed ASU regarding changes to the disclosure requirements for income taxes
• Recognize the corporate tax rate as affected by the Tax Cuts and Jobs Act (the Act)
• Recognize the effect of the Act on corporate AMT
• Recognize the amended threshold for the cash method of accounting under the Act
• Identify the amended treatment of corporate NOLs under the Act
• Identify the accounting treatment of a liability for a cost associated with an exit or disposal activity
• Identify the criteria for recognition of one-time employee termination benefits
