Analyze the reason(s) for issuing FASB Statement No. 144 and compare and contrast the accounting information on this statement, Statement No. 121, and Accounting Principles Board Opinion (APB) # 30.
(1) Analysis of the reason(s) for issuing FASB Statement No. 144
(2) Differences among FASB Statement No. 144, Statement No. 121, and Accounting Principles Board Opinion (APB) # 30
(3) Impact of the changes to Statement No. 144 on financial reporting
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(1).Analysis of the reason(s) for issuing FASB Statement No. 144
The Financial Accounting Standards Board (FASB) Statement No. 144 "Accounting for the Impairment or Disposal of Long-Lived Assets" was issued in August 2001 to "addresses financial accounting and reporting for the impairment or disposal of long-lived assets. This Statement supersedes:
- FASB Statement No. 121, Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets" (Disposed Of) - The accounting and reporting provisions of APB Opinion No. 30, Reporting the Results of Operations-Reporting the Effects of Disposal of a Segment of a Business, and Extraordinary, Unusual and Infrequently Occurring Events and Transactions, for the disposal of a segment of a business (as previously defined in that Opinion).
- Also amends ARB No. 51, Consolidated Financial Statements, to eliminate the exception to consolidation for a subsidiary for which control is likely to be temporary.
* The reasons for issuing No. 144 is:
Because Statement 121 did not address the accounting for a segment of a business accounted for as a discontinued operation under Opinion 30, two accounting models existed for long-lived assets to be disposed of. The Board decided to establish a single accounting model, based on ...
This solution discusses reasons for issues FASB Statement No. 144.