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impairment of long-lived assets

(Dictionary)

Author:
Harold Averkamp, CPA, MBA

Definition

See Statement of Financial Accounting Standard No. 121. Under this standard if the undiscounted future cash flows from the asset (including sale amount) are less than its carrying amount, a loss is recognized. The amount of the impairment loss is measured by subtracting the asset’s fair value from its carrying value.

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About the Author

Harold Averkamp

For the past 52 years, Harold Averkamp (CPA, MBA) has
worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com.

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