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IFRS

Fixed Asset Impairment Tax Treatment

Fixed Asset Impairment Tax Treatment: A Complete Guide

Fixed asset impairment refers to the decrease in the value of a long-term asset on a company’s balance sheet, signaling that the asset’s carrying amount exceeds its recoverable amount. Understanding the tax treatment of fixed asset impairment is crucial for businesses to accurately reflect their financial position and comply with tax regulations. This guide aims

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A Guide to Complying with ASC 350 Intangibles - Goodwill and Others

A Guide to Complying with ASC 350 Intangibles – Goodwill and Others

Intangible assets drive value and competitive advantage. Accounting for these intangibles requires a comprehensive framework, and that’s where ASC 350 (Intangibles – Goodwill and Other) comes into play.  This article explores the key aspects of ASC 350, providing insights into the accounting and financial reporting requirements for intangible assets. What are Intangible Assets? Under ASC

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Guide to Complying with ASC 360-10 Impairment Testing of Long-Lived Assets

A Guide to Complying with ASC 360-10 Impairment Testing of Long-Lived Assets

Accounting Standards Codification (ASC) 360-10, also known as the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 360-10, provides guidance on impairment testing of long-lived assets. These assets, such as property, plant, and equipment, are critical components of a company’s financial health. Adhering to ASC 360-10 ensures that companies accurately assess and report any

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