Accounting -Impairment and Ethical Considerations

| January 31, 2017

Question
Impairment and Ethical Considerations

Over the past two decades, accounting scandals and global market slowdowns have been a heightened concern for the accounting profession. It has become significantly important to provide reliable financial reporting, transparency, and disclosure. Determining the accounting and disclosures regarding the impairment of assets is difficult since it is one of the more complicated standards. While the accounting profession relies upon the professional code of conduct to help guide ethical conduct, there are many uncertainties that can arise in accounting and testing for impairment where ethical issues and value judgments must be made.

Question

How ethical issues may affect reporting for impairment. Compare how accounting standards promulgated by FASB and IASB before and after convergence may raise ethical considerations when testing for impairment and reporting long-term assets.

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