This publication focuses on key aspects of testing goodwill and in definite-lived intangible Companies should make accounting policy decision (e.g. Subject AccountingLink. Accounting Standards Codification (ASC 360), Property, Plant and Equipment (“PP&E”) provides guidance with respect to impairment testing for a company’s long-lived assets such as property, plant, equipment and intangibles. Contents. Handbook: Impairment of nonfinancial assets December 09, 2020. into ASC 360 framework are as follows: a. Unprecedent times for airlines as they battle for survival. Financial Reporting Developments - Impairment or disposal of long-lived assets. Publications Financial Reporting Developments. [IAS 36.2, 4] Impairment testing is required whether in the case of a “triggering event”, as defined in ASC 350 – Intangibles – Goodwill and Other, and in ASC 360 – Plant, Property and Equipment. ASC 2842, the long-lived asset impairment guidance in ASC 360-10, and the exit or disposal cost 3guidance in ASC 420 for any non-lease components that are accounted for separately. Handbook: Impairment of nonfinancial assets December 09, 2020 Latest edition: KPMG in-depth guide to impairment testing, covering the models in ASC 350-20, ASC 350-30 and ASC 360. An introduction to fair value measurement 6 Latest edition: KPMG in-depth guide to impairment testing, covering the models in ASC 350-20, ASC 350-30 and ASC 360. 1 Sep 2020 PDF. Determine the fair value of ROU of assets and understand the interaction between ASC 360’s impairment guidance and ASC 842’s reassessment requirements. Latest edition: KPMG in-depth guide to impairment testing, covering the models in ASC 350-20, ASC 350-30 and ASC 360. KPMG International Cooperative KPMG International a Siss entity. Topics More topics. held and used, and disposal groups that are held for sale, for impairment under ASC 360, Property, Plant, and Equipment, can be found in our Financial reporting developments (FRD) publication, Impairment or disposal of long- lived assets. Handbook: Share-based payments December 08, 2020 ... — ASC 323 — ASC 360 — ASC450 IAS 36 applies to a variety of non-financial assets including property, plant and equipment, right-of-use assets, intangible assets and goodwill, investment properties measured at cost and investments in associates and joint ventures 2. Testing the net investment in an equity-method investee for impairment in accordance with the requirements of IAS 28, IAS 36 and IFRS 9 requires discipline and judgment. Challenges of applying the impairment approach. Limited access to cash flow projections of the investee may also present challenges for impairment testing at the investment level. Comparability is the challenge 1 About the standards 2 About this publication 4 A. Regulators advise companies to monitor current and potential effects of coronavirus on financial reporting and market Our FRD publication on the impairment or disposal of long-lived assets has been updated to enhance and clarify our interpretative guidance. The test for impairment under ASC 360 consists of the following steps: Trigger for impairment testing. Contents. This publication complements our Financial reporting developments (FRD) publications, Lease accounting (ASC 842), Impairment or disposal of long-lived assets . and Link copied Overview. Member firms of the KPMG network of ... — The impact of COVID-19 can be an impairment triggering event and should be assessed under the existing impairment guidance. ASC 360 prescribes a three-step trigger-based process for long-lived assets. about whether to include or exclude operating lease liability under ASC 360 assets group) b. 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