Explain in your own words the testing and calculation of Long-Term Asset Impairment under US GAAP, including when to test for impairment, how to test for impairment, and what disclosures are required.
Accounting 3250Individual Research PaperSpring 2017; sections 2&3Review the following documents:● Blackberry 10 Case in course case packet● Blackberry USA 10-K for years ending March 1, 2014; March 1, 2013; March 1, 2012● Accounting Standards Codification: 330 Inventory; 350 Goodwill; 360 Long-Term Assets● FASB Financial Standards Update: No. 2015-11● IAS 2 Inventory; IAS 36 Impairment of AssetsAnswer the following questions:How much did Blackberry USA write down in Inventory, Long-Term Assets, and Goodwill for the fiscal years ending March 1, 2012, 2013, 2014?Referring to the Blackberry 10 case in the course packet, compute the amount of inventory write down according to ASC 330 and FSU No. 2015-11. Show calculations. Should model Z10 and Q10 be aggregated or separated to do the calculations? Provide citations from ASC 330 to support and explain in your own words, your methodology.What differences are there, if any, between US GAAP and IFRS in accounting for inventories? Explain in your own words, and provide citations from ASC 330 and IAS 2.Explain in your own words the testing and calculation of Long-Term Asset Impairment under US GAAP, including when to test for impairment, how to test for impairment, and what disclosures are required. Provide citation from ASC 360. Are there any parts of the testing or calculation that you think don’t make sense?Using your own words, what are the significant differences, in any, between US GAAP and IFRS regarding Long-Term Asset Impairment? Provide citation from ASC 360 and IAS 36.Explain in your own words the testing and calculation of Goodwill Impairment under US GAAP. Provide citation from ASC 350. Are there any parts of the testing or calculations that you think don’t make sense?Using your own words, what are the significant differences, if any, between US GAAP and IFRS regarding Goodwill Impairment? Provide citation from ASC 350 and IAS 36.
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