January 2020
Intermediate to advanced
512 pages
16h 37m
English
Content preview from Fair Value Measurement, 3rd Edition
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APPENDIX 13BAuditing Fair Value Measurement in a Goodwill Impairment Test
THIS APPENDIX INCLUDES examples of issues auditors may consider in the audit of the analysis of fair value measurements in a Step 1 impairment test. The questions are grouped by general questions and valuation approaches.
GENERAL
- How is the industry defined and what is the relevant SIC/NAICS Code? Were other industries considered?
- Is the entity/industry young or mature? In what life cycle stage is the entity/industry?
- Is the entity cyclical in nature? How does the current economic outlook impact the entity's operating outlook?
- Are any nonoperating or nonrecurring items included in the entity's historic financial statements? Are there any discontinued operations?
- Are third‐party appraisals available for material fixed assets? If so, has the required return or pricing multiple been considered?
- Has the capacity of fixed assets been considered as it relates to the current levels of production? Has excess capacity been identified? Does excess capacity indicate economic obsolescence?
- Are there other indications of economic obsolescence?
- Has an enterprise‐level tax shield been calculated?
- How is the reporting unit defined? Does the entity have a single reporting unit, or multiple reporting units?
- At what level is goodwill being tested? Is it recorded at the parent or acquired subsidiary level?
- Do the projected cash flows used in the impairment analysis match the reporting unit being tested for impairment? ...
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