Impairment Testing in a Firm

INSTRUCTIONS: In this discussion, our focus is on the iterative nature of the research process. The five steps of this process https://www.oreilly.com/library/view/accounting-and-auditing/9781118416877/c05anchor-7.html:

1. Investigate the facts and identify the issues.
2. Collect the appropriate authorities.
3. Analyze the research.
4. Develop the reasoning and conclusion.
5. Communicate the results.
   This week you will have an opportunity to apply these research steps to multiple key differences that exist in recording impairment losses under US GAAP versus under IFRS.
   Discuss guidelines you, as a public accounting firm manager would provide to staff in your firm on how to use eIFRS to conduct an impairment testing for long-lived assets. Include step-by-step instructions on accessing applicable IFRS guidance and relevant factors for the staff to consider in this research.
   As a student, you may register for free access to basic IFRS content here.