FASB issues statement on asset impairment.

Summary

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Financial Accounting Standards Board

Financial Accounting Standards Board Statement No. 121 states that assets for which the expected future cash flows is less than the asset's carrying amount should be written down with an impairment loss in the amount of the difference between these two values. The statement will make impairment adjustments more uniform and will make comparisons between companies easier. The new standard will make calculation of cash flows for long-lived assets more important.

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Extract

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FASB issues statement on asset impairment.

The Financial Accounting Standards Board has issued Statement no. 121, Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of, whi...

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