135 ifrs and gaap differ in the application of the fair value concept for impairment 4313747

135 ifrs and gaap differ in the application of the fair value concept for impairment 4313747

135.IFRS and GAAP differ in the application of the fair value concept for impairment tests applied to intangible assets.
Required:
Describe the fair value concept as it is applied for impairment tests in IFRS and GAAP, highlighting the differences.

136.Because goodwill only produces cash flows in connection with other assets, it is tested for impairment within the context of its reporting unit. Assume that an assessment of qualitative factors indicates that it is more likely than not that the fair value of the reporting unit is less than its carrying value, describe the ensuing two-step quantitative impairment test.

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Required:

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Briefly describe the process for testing for impairment of goodwill.

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