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Essay / Research Paper Abstract
A 3 page paper discussing the changes in asset valuation that were not possible under FAS 121 alone. FAS 142 and 144 simplify determination of asset impairment, and more easily include items such as goodwill and other intangibles. Rule changes more easily account for valuation changes in intangibles and goodwill, which were more difficult to value under FAS 121. Bibliography lists 5 sources.
Page Count:
3 pages (~225 words per page)
File: CC6_KSacctAssetImp.rtf
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Unformatted sample text from the term paper:
forces calling for change in accounting standards. Globalization is a driving force, and increased attention to responsible corporate governance is apparent in virtually every part of the world.
Accounting scandals such as that at Enron has brought attention to shortcomings in several areas of accounting. One area that currently reflects changes
in accounting practice is that of asset impairment and write-down of asset values. Organizations are responsible for ensuring that stakeholders have the clearest picture available to them, and part
of the overall financial picture of any organization lies in asset valuation. Increases are fine and expected, but decreases in valuation need to be reported as accurately as possible.
Reporting Asset Values The accounting organizations of several developed countries have been researching, evaluating and changing the manner in which asset values are
reported. The United States, Japan and Canada are among those countries assessing asset valuation and giving concerted attention to the reporting of diminished asset value. An example of
the changes underway in several developed nations lies in the changes made by the United States Financial Accounting Standards Board (FASB) in recent years.
FASB Statement 121 formerly governed the reporting of changes in asset value, but Statements 142 and 144 introduced changes in the manner in which assets are judged to be
impaired or not. The American Institute of Certified Public Accountants (AICPA) reports that a new FASB exposure draft, "Accounting for the Impairment or Disposal of Long-Lived Assets and for
Obligations Associated with Disposal Activities," would establish a new model by which assets are judged to be impaired and by which new valuations for those assets would be determined.
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