What are some of the reasons for the impairment of intangible assets such as Goodwill? What are some justifications for treating the write-down as a permanent decline in value of the asset(s)?What are some justifications for considering that there has been a permanent increase in the value of the asset(s)?A difference between the book value and the fair value often exists.What role do technology advances and obsolescence have in deciding that assets have been impaired?Should both decrease and increases in the asset(s) value be reported in the financial statements? Why or why not?

Impairment of intangible assets occurs when the carrying value of an intangible asset exceeds its…

Answered: What are some of the reasons for the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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What are some of the reasons for the impairment of intangible assets such as Goodwill? What are some justifications for treating the write-down as a permanent decline in value of the asset(s)?
- What are some justifications for considering that there has been a permanent increase in the value of the asset(s)?
  - A difference between the book value and the fair value often exists.
What role do technology advances and obsolescence have in deciding that assets have been impaired?
- Should both decrease and increases in the asset(s) value be reported in the financial statements? Why or why not?

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