and 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. 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. Subject AccountingLink. Limited access to cash flow projections of the investee may also present challenges for impairment testing at the investment level. Topics More topics. 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. into ASC 360 framework are as follows: a. 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. Latest edition: KPMG in-depth guide to impairment testing, covering the models in ASC 350-20, ASC 350-30 and ASC 360. Determine the fair value of ROU of assets and understand the interaction between ASC 360’s impairment guidance and ASC 842’s reassessment requirements. 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. 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. 1 Sep 2020 PDF. Our FRD publication on the impairment or disposal of long-lived assets has been updated to enhance and clarify our interpretative guidance. about whether to include or exclude operating lease liability under ASC 360 assets group) b. Trigger for impairment testing. This publication complements our Financial reporting developments (FRD) publications, Lease accounting (ASC 842), Impairment or disposal of long-lived assets . Comparability is the challenge 1 About the standards 2 About this publication 4 A. Publications Financial Reporting Developments. The test for impairment under ASC 360 consists of the following steps: ... — ASC 323 — ASC 360 — ASC450 [IAS 36.2, 4] Financial Reporting Developments - Impairment or disposal of long-lived assets. 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. Contents. Latest edition: KPMG in-depth guide to impairment testing, covering the models in ASC 350-20, ASC 350-30 and ASC 360. Contents. KPMG International Cooperative KPMG International a Siss entity. Regulators advise companies to monitor current and potential effects of coronavirus on financial reporting and market Handbook: Share-based payments December 08, 2020 An introduction to fair value measurement 6 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. Challenges of applying the impairment approach. Handbook: Impairment of nonfinancial assets December 09, 2020. Unprecedent times for airlines as they battle for survival. ASC 360 prescribes a three-step trigger-based process for long-lived assets. Link copied Overview. This publication focuses on key aspects of testing goodwill and in definite-lived intangible Companies should make accounting policy decision (e.g.

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