Abstract
In recent years, the selective write-downs of impaired long-lived assets has reduced the credibility, comparability, and consistency of financial reporting. In December 1990, the Financial Accounting Standards Board (FASB, or the Board) issued a Discussion Memorandum (DM) to solicit comments on related issues and to develop a consensus on the standards to be used in determining when and how the value of impaired assets should be written down. It is expected that the Board's project on the impairment of long-lived assets will ultimately result in one or more Statements of Financial Accounting Standards. This article provides a brief discussion of prior and current accounting practices regarding the impairment of long-lived assets and explores each of the issues identified in the Discussion Memorandum.
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