Webinar Details $199
- Webinar Length: 100 Minutes
- Guest Speaker: Chuck Borek
- Topic: Taxation and Accounting, Accounting
- Credit: ATATX 1.50
Understanding asset valuation is crucial to maintaining the integrity of financial statements. Under Generally Accepted Accounting Principles (GAAP), the historical cost principle ensures a consistent method for recording assets based on their original purchase price. However, in fluctuating economic environments, this approach may not accurately represent the current value of fixed assets. While depreciation is typically used to account for normal declines in value, it does not address scenarios where a permanent impairment has occurred. This webinar will explore how GAAP handles such instances and why recognizing impairment is essential for transparent and reliable financial reporting.
This session will guide participants through the fundamental rules and processes surrounding asset impairment under GAAP. Key topics include identifying which assets are subject to impairment, applying the two-step process for recognition, and understanding the tax and disclosure implications. We will also cover recent Accounting Standards Updates that impact impairment accounting. This is an essential session for finance professionals aiming to stay compliant and ensure accuracy in asset valuation.
Your Benefits For Attending:- Understand the principles and objectives of asset impairment presentation under GAAP.
- Identify the types of assets subject to impairment and how to assess them.
- Learn the two-step process for recognizing and measuring asset impairment.
- Explore the tax implications and required disclosures related to impaired assets.
- Stay up to date with the most recent Accounting Standards Updates relevant to impairment.
This webinar is a valuable opportunity to strengthen your technical accounting knowledge and ensure your organization’s financial statements reflect asset values accurately and in compliance with current standards.
Who Would Benefit from This Webinar:
Finance professionals, accountants, auditors, and controllers responsible for asset accounting and financial reporting will find this session particularly useful.
Level: Beginner/Intermediate
Format: Live webcast
Instructional Method: Group: Internet-based
NASBA Field of Study: Accounting (2 hours)
Program Prerequisites: None
Advance Preparation: None
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Chuck Borek
Chuck Borek is a practicing attorney and founder of the Borek Group, LLC. Chuck is also a CPA, and his background includes five years as a partner in a public accounting firm. He received his law degree and MBA summa cum laude from the University of Baltimore in 1993, where he was editor [...]
CPE Credit
Aurora Training Advantage is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
For more information regarding administrative policies such as complaint and refund, and cancellation please contact our offices at 407-542-4317 or training@auroratrainingadvantage.com.
ATATX Credit
Aurora Training Advantage is offering continuing education points designed to recognize dedication to training and excellence in accounting.Abandoned Assets: Abandoned assets refer to property, often financial, where the owner has not shown interest or activity for a specified period, and the property is then transferred to a state or government agency. This can include unclaimed bank accounts, stocks, insurance policies, and even physical items like personal property left behind in rental units.
Audit: A formal examination of an organization's or individual's accounts or financial situation
Balance Sheet (BS): A financial report that summarizes a company's assets (what it owns), liabilities (what it owes) and owner or shareholder equity at a given time.
Financial Statement: Financial statements (or financial reports) are formal records of the financial activities and position of a business, person, or other entity. ... A balance sheet or statement of financial position, reports on a company's assets, liabilities, and owners equity at a given point in time.
Generally Accepted Accounting Principles (GAAP): A set of rules and guidelines developed by the accounting industry for companies to follow when reporting financial data. Following these rules is especially critical for all publicly traded companies.
Impaired Assets: An impaired asset is a capital asset, such as machinery, equipment, real estate, patents, or even goodwill, that has unexpectedly lost a significant portion of its value. This happens when the asset's fair market value (what it would sell for in the market today) drops below its book value (its carrying amount recorded on the company's balance sheet).
Intangible Assets: An asset that is not physical in nature. Goodwill, brand recognition and intellectual property, such as patents, trademarks and copyrights, are all intangible assets. (www.investopedia.com)
International Financial Reporting Standards (IFRS): International Financial Reporting Standards (IFRS) are a globally recognized set of accounting standards for public companies' financial statements. They are issued by the IFRS Foundation and the International Accounting Standards Board (IASB). The primary goal of IFRS is to enhance the consistency, transparency, and comparability of financial statements across international borders.
Tangible Asset: A tangible asset is an asset that has physical substance. Examples include inventory, a building, rolling stock, manufacturing equipment or machinery, and office furniture.
Worthless Securities: Worthless securities are financial instruments like stocks or bonds that have completely lost their monetary value. This can happen due to various reasons, such as the issuing company going bankrupt, liquidating its assets, or failing to adapt to changing market conditions.
