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Accounting Foundations: Asset Impairment

Offered By: LinkedIn Learning

Tags

Accounting Courses Balance Sheets Courses Amortization Courses

Course Description

Overview

Learn how to account for long-term assets on the balance sheet through asset impairment.

Syllabus

Introduction
  • How impaired assets impact the balance sheet
1. Accounting for the Acquisition of Tangible and Intangible Assets
  • Recording the purchase of a sports franchise
  • A basic purchase
  • A basket purchase
  • Acquiring an entire business
2. Depreciation, Amortization, and Depletion
  • The old Blockbuster Video case
  • Straight-line depreciation and book value
  • Accelerated depreciation and income taxes
  • Difference between depreciation and amortization
3. Impairment of Tangible Assets
  • Rio Tinto buys a coal mine in Mozambique
  • The strange tangible asset impairment test in US GAAP
  • Practice with tangible asset impairment computations
  • A big bath: Strategic reporting of impairment losses
4. Impairment of Intangible Assets
  • Why did Microsoft buy Nokia?
  • Intangible asset impairment test for finite-lived intangibles
  • Intuitive impairment test for infinite-lived intangibles
5. Impairment of Goodwill
  • The ill-fated AOL-Time Warner merger
  • The new goodwill impairment rule
  • The old and costly goodwill impairment rule
  • Case study in goodwill impairment: HP and Autonomy
6. Writing Assets Up?
  • Does Coca-Cola have more cash or more fixed assets?
  • The upward revaluation option under International Financial Reporting Standards (IFRS)
Conclusion
  • What will we report in the future, cost or fair value?

Taught by

Jim Stice and Kay Stice

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