Most companies have a mix of fixed assets and inventory. Although both act as assets, each gets treated differently on a companies financial statements. Different generally accepted accounting ...

If you run a business that uses depreciable fixed assets and you prepare financial statements in accordance with generally accepted accounting principles, impairment of an asset can impact your ...

Fixed asset impairment occurs when asset market value drops below its book value. To detect impairment, compare asset's book value against its recoverable amount. If impaired, reduce book value on ...

In the area of fixed assets and the resultant depreciation there are some major differences between the GAAP rules codified in ASC Topic 360 and the IFRS rules in IAS 16. Processing Content In GAAP ...

Fixed assets and depreciable assets are two very closely, interrelated items on a company's balance sheet. Let's define each and describe how they are the same and subtly different. A fixed asset is ...

John Parker is a business writer with 20+ years of experience as a business executive specializing in accounting and finance. Charlene Rhinehart is a CPA , CFE, chair of an Illinois CPA Society ...

A financial statement that lists the assets, liabilities and equity of a company at a specific point in time and is used to calculate the net worth of a business. A basic tenet of double-entry ...

TO PROVIDE BUSINESSES WITH GUIDANCE ON WHEN and how to recognize a liability for asset retirement obligations, FASB issued Statement no. 143, Accounting for Asset Retirement Obligations. The statement ...

It's not that Uncle Sam does not want your clients to deduct those big-ticket items that are critical to running almost any business. The less cynical among us would nod and agree with the Internal ...