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Basic Question 1 of 15
Under U.S. GAAP, if the fair value of an impaired long-term asset is not readily determinable, it should be shown on the balance sheet at historical cost less accumulated depreciation. True or False?
User Contributed Comments 3
| User | Comment |
|---|---|
| kalps | Ok, if FV of LT asset is not readily determinable then it should shown on the balance sheet as the discounted expected future net operating cash flows |
| ehc0791 | If you come up some number, that means you determine the value which is conflic with "Not dterminable" |
| cong | If the fair value of an impaired long-term asset is not readily determinable, it should be shown on the B/S on a discount basis. |
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Learning Outcome Statements
explain and evaluate how impairment and derecognition of property, plant, and equipment and intangible assets affect the financial statements and ratios
CFA® 2024 Level I Curriculum, Volume 2, Module 7.