Explain the procedures that roma ltd needs to follow

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Reference no: EM132802543

As of the end of the fiscal year 2019, Roma Ltd.'s Statement of Financial Position contains (1) a piece of equipment with a carrying value of $100,000, and (2) goodwill with a carrying value of $50,000.

Problem 1: Describe the procedures that Roma Ltd. needs to follow when deciding if the equipment and the goodwill need to be impaired. Be specific about the conditions when impairment losses need to be recognized. You do not have to consider the possibility of the reversal of impairment.

Reference no: EM132802543

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