The Financial Accounting Standards Board approved the issuance of Statement of Financial Accounting Standards No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets. FAS 144 applies to recognized long-lived assets to be held and used or to be disposed of. For long-lived assets to be held and used, a group represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. For purposes of FAS 144, impairment is the condition that exists when the carrying amount of a long-lived asset (asset group) exceeds its fair value. These studies need to be performed by a qualified and independent expert.
Should you need one of our credentialed professionals to assist you in analyzing and documenting any kind of impairment under these standards of the case at hand or any other valuation or litigation needs, please call one of our credentialed professionals at (615) 822-8342 or contact us via email.