Abstract
AbstractThe FASB has before addressed the issue of asset impairment in many different standards but perhaps none so broadly as in Statement No. 121. When should long‐lived assets and intangibles be written down and by how much? How should assets to be disposed of be accounted for until disposition and should they continue to be depreciated? These are issues addressed by the FASB in this new standard, soon to become effective for all enterprises, including not‐for‐profit enterprises, and most long‐lived assets.
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