FASB issues ED on asset impairment and disposal.

Position:Exposure draft
 
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In July FASB issued an exposure draft of guidance that would supersede Statement no. 121, Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of.

Statement no. 121 had established accounting standards for the impairment of long-lived assets to be held and used, including certain identifiable intangibles and goodwill related to those assets, and for long-lived assets to be disposed of, including certain identifiable intangibles.

The proposed statement would establish a single accounting model for long-lived assets to be disposed of, help retain the recognition and measurement provisions of Statement no. 121 for long-lived assets to be held and used, and provide additional guidance for implementing those provisions.

According to Linda MacDonald, a project manager at FASB, prior to...

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