Impairments & Intangibles: Current Accounting Issues

Overview: 

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 seminar 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
  • Identify COVID-19 issues
     

 

Objective: 

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.

Emphasis: 
  • Testing impairment of goodwill, and other intangibles with an indefinite life, including recent guidance
  • 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
  • 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
Bottom
Prerequisite: 

None.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Overview.

CPE Credit: 
8.00
NASBA Field of Study: 
Accounting