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Essay / Research Paper Abstract
This 10-page paper reviews SFAS 144 and how/why it replaced SFAS 121. Also under discussion are Standard Financial Accounting Statements 141 and 142. Bibliography lists 7 sources.
Page Count:
10 pages (~225 words per page)
File: D0_MTsfasch.rtf
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clarify asset accounting. These accounting standards included SFAS 144 -- "Accounting For The Impairment Of Long-Lived Assets." This particular standard was developed to replace statement 121. Meanwhile, the
FASB also released (SFAS); 141 - "business combinations" and 142 "goodwill." These accounting standards is the attempt of the FASB to
encourage corporations to be more honest about what they are buying (and selling) and the fair value of their assets, so that investors dont lose money because of misunderstanding in
terms of reporting of assets and their disposal. The differences between all of the statements is that while 141 and 142
measure goodwill and business combinations, 144 is more concerned about actual value of assets and how they can be written down. Statement 144 focuses on tangible assets *such as
property and equipment) rather than intangibles (such as receivables and customer loyalty). An overview of 144 SFAS 144 covers mainly three topics.
First, it involves long-lived assets that a company decides to hold and use (Scheurell and Steinberg, 2002). Second, it covers the value of such assets that are to be
disposed of by methods other than sale (Scheurell and Steinberg, 2002). finally, this statement analyzes assets that are to be disposed of by sale (Scheurell and Steinberg, 2002). Overall, the
statements were developed and released to clarify assets and their cash flows (or lack thereof). The FASB released its statement No. 144
to replace FASB statement No. 121 -- "accounting for The impairment of Long-lived assets and for Long-lived assets to be disposed of" (Heffes, 2001). On the surface, there seems to
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