Chapter 11, Problem 1CRC

To determine

Impairment: Impairment of the assets means the market value of asset is less than the value reported in the balance sheet.

(a) To determine: To determine the authoritative guidance for asset impairments and the scope of the standard to which it applies.

To determine

(b) To determine: To determine whether impairment test should be done.

To determine

(c) To determine: To determine the best evidence of fair value and to describe alternate methods of estimating fair value.