by Ekrem Duman | Jun 19, 2026 | Accounting, US GAAP Assets & Impairment
⚡ TL;DRLong-lived asset impairment under US GAAP (ASC 360) uses a two-step model for assets held and used: a recoverability test comparing carrying amount with undiscounted future cash flows, and, if failed, measurement of the loss as carrying amount less fair value....
by Ekrem Duman | Jun 19, 2026 | Accounting, US GAAP Assets & Impairment
⚡ TL;DRGoodwill impairment under US GAAP (ASC 350) tests goodwill at the reporting unit level at least annually. Since simplification, the test compares a reporting unit’s fair value with its carrying amount and recognises any excess as impairment, limited to...
by Ekrem Duman | Jun 19, 2026 | Accounting, US GAAP Assets & Impairment
⚡ TL;DRASC 330 governs inventory under US GAAP. Its most distinctive feature is permitting the last-in, first-out (LIFO) method, which IFRS prohibits. US GAAP measures inventory at lower of cost and net realisable value (or lower of cost or market for LIFO and retail...
by Ekrem Duman | Jun 19, 2026 | Accounting, US GAAP Assets & Impairment
⚡ TL;DRASC 350 governs goodwill and other intangible assets under US GAAP. Goodwill and indefinite-lived intangibles are not amortised but tested for impairment at least annually; finite-lived intangibles are amortised and tested only on indicators. US GAAP, like...
by Ekrem Duman | Jun 19, 2026 | Accounting, US GAAP Assets & Impairment
⚡ TL;DRASC 360 governs property, plant and equipment under US GAAP — recognition, capitalisation, depreciation, and the impairment of long-lived assets. Unlike IFRS, US GAAP uses only the historical cost model (no revaluation), and impairment uses a distinctive...
