Accounting for Impaired Assets Under GAAP

Understanding asset valuation is crucial to maintaining the integrity of financial statements. Under Generally Accepted Accounting Principles (GAAP), the historical cost principle ensures a consistent method for recording assets based on their original purchase price. However, in fluctuating economic environments, this approach may not accurately represent the current value of fixed assets. While depreciation is typically used to account for normal declines in value, it does not address scenarios where a permanent impairment has occurred. This webinar will explore how GAAP handles such instances and why recognizing impairment is essential for transparent and reliable financial reporting.

This session will guide participants through the fundamental rules and processes surrounding asset impairment under GAAP. Key topics include identifying which assets are subject to impairment, applying the two-step process for recognition, and understanding the tax and disclosure implications. We will also cover recent Accounting Standards Updates that impact impairment accounting. This is an essential session for finance professionals aiming to stay compliant and ensure accuracy in asset valuation.

Why Should You Attend?

• Understand the principles and objectives of asset impairment presentation under GAAP.
• Identify the types of assets subject to impairment and how to assess them.
• Learn the two-step process for recognizing and measuring asset impairment.
• Explore the tax implications and required disclosures related to impaired assets.
• Stay up to date with the most recent Accounting Standards Updates relevant to impairment.

This webinar is a valuable opportunity to strengthen your technical accounting knowledge and ensure your organization’s financial statements reflect asset values accurately and in compliance with current standards.

Who Will Benefit?
Finance professionals, accountants, auditors, and controllers responsible for asset accounting and financial reporting will find this session particularly useful.