Reference no: EM131557910
Matt Holmes recently joined ABC Company as a staff accountant in the controller's office. ABC Company provides warehousing services for companies in several mid western cities.
The location in Dubuque, lowa, has not been performing well due to increased competition and the loss of several customers that have recently gone out of business. Matt's department manager suspects that the plant and equipment may be impaired and wonders whether those assets should be written down. Given the company's prior success, this issue has never arisen in the past, and Matt has been asked to conduct some research on this issue.
Access the FASB Codification to conduct research using the Codification Research System to prepare responses to the following items. Provide Codification references for your responses.
QUESTION
(a) What is the authoritative guidance for asset impairments? Briefly discuss the scope of the standard (i.e., explain the types of transactions to which the standard applies).
(b) Give several examples of events that would cause an asset to be tested for impairment.
(c) What is the best evidence of fair value? Describe alternate methods of estimating fair value?
(d) Does it appear that ABC should perform an impairment test? Explain.
|
Define what is the sample space
: SPORTS Eight players, A, B, C, D, E, F, G, and H, are competing in a series of elimination matches of a tennis tournament in which the winner.
|
|
Have you experienced media misrepresentation of your words
: Have you experienced media misrepresentation of your words? What advice about dealing with the media in these readings did you find most useful?
|
|
What was the focus of the improvement
: What was the focus of the improvement? Why are system safety principles not used by all safety professionals? Was safety part of the process?
|
|
List your initial concerns with the program
: What do you believe your first action as the program manager may be with this project?List your initial concerns with the program.
|
|
What is the authoritative guidance for asset impairments
: What is the authoritative guidance for asset impairments? What is the best evidence of fair value? Describe alternate methods of estimating fair value
|
|
Analyze the issue using the economic concepts
: Select a news article dated within the previous two months and analyze the issue using the economic concepts and theory learned in this class.
|
|
How the evolutions of healthcare delivery in the us
: Describe how the evolutions of healthcare delivery in the United States positively or negatively affect the current health care system.
|
|
Elasticity of demand for the item
: Give an example of each type of purchase and describe your elasticity of demand for the item. Explain why your demand may be elastic or inelastic.
|
|
Calculate manipulator corporations charge-offs for the year
: The Ending Balance in the Allowance Account is $84,000. Calculate Manipulator Corporation's charge-offs for the year
|