What is an asset impairment

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Reference no: EM131521260

Question: 1. What is an asset impairment? Describe the two-step process for recording impairments. How does recording an impairment loss affect the income statement and the balance sheet?

2. How do companies take a big bath? Explain the effect of a big bath on the current year's and future years' net income.

Reference no: EM131521260

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